Forecasting a state gross domestic product with logistic growth model

Abstract

Gross Domestic Product (GDP) represents the total monetary value of all goods and services produced over a specific time period. This study models the GDP data of the state of Johor for year 2005-2016. A mathematical model is developed for the state GDP data using Logistic Growth model. The long-term equilibrium value for GDP were estimated using data for period 2005-2016 with different parameter values. The future GDP for the state were predicted using the suitable parameter value.Gross Domestic Product (GDP) represents the total monetary value of all goods and services produced over a specific time period. This study models the GDP data of the state of Johor for year 2005-2016. A mathematical model is developed for the state GDP data using Logistic Growth model. The long-term equilibrium value for GDP were estimated using data for period 2005-2016 with different parameter values. The future GDP for the state were predicted using the suitable parameter value.