Answer to Question #13422 in Economics of Enterprise for Leena
Question #13422
Suppose an economies real GDP is N$ 30 000 in year 1 and N$ 31200 in year 2. what is the growth rate of its real GDP?
Expert's answer
Growth rate of real GDP is the percentage change in real GDP from one year to the next.
Growth rate of GDP = [GDP(year 2) - GDP(year 1)]/ GDP(year 1)*100
Growth rate of real GDP from year 1 to year 2 = ($31,200 - $30,000)/$30,000)*100 = 4%.
Growth rate of GDP = [GDP(year 2) - GDP(year 1)]/ GDP(year 1)*100
Growth rate of real GDP from year 1 to year 2 = ($31,200 - $30,000)/$30,000)*100 = 4%.
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#195387 on Feb 2018
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