Answer on Macroeconomics Question for tony
Growth rate of GDP = [GDP(2005) - GDP(2004)]/ GDP(2004) × 100
For purposes of evaluating how economic growth can feed into economic development it is often helpful to focus on the growth rate of GDP per
capita—that is, output per person—rather than simply on overall output.
Mathematically, GDP per capita is expressed as:
GDP per capita = GDP / Population
The growth rates of GDP, population, and GDP per capita are related in the following way:
Growth Rate of GDP = Growth Rate of Population + Growth Rate of GDP per capita
Growth Rate of GDP per capita = Growth Rate of GDP – Growth Rate of Population
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