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?
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%.
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