If real gdp in a small country in 2000 is $14 billion and real gdp in the same country in 2001 is $14.7 billion, what is the growth rate in real gdp between 2000 and 2001?

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09-09-2022
Business

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If real gdp in a small country in 2000 is $14 billion and real gdp in the same country in 2001 is $14.7 billion, what is the growth rate in real gdp between 2000 and 2001?

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qwcat qwcat · Answer 1 · 2022-09-13T16:07:47+02:00

The final growth rate is found to be 5%

Relation between growth rate and the Real GDP by the formula,

Growth rate = (most recent year’s GDP – Last year real GDP) / previous year real GDP × 100

Growth rate = Real GDP in 2001-Real GDP in 2000 / Real GDP in 2000 ×100

Growth rate = 14.7 – 14/14× 100

Growth rate = 5%

Thus, the Real GDP Growth rate was calculated and found to be 5%.

The GDP of a nation changes at a certain rate, usually from one year to the next, and is represented as a percentage. Gross national product (GNP) is a different economic growth indicator that is sometimes preferred when a country’s economy is heavily dependent on foreign earnings. Unlike nominal GDP growth, real economic growth rate takes inflation into account when measuring economic growth.

By calculating changes in real GDP from one year to the next, real GDP can also be expressed in terms of dollars , normally it is calculated in percentage.

To learn more about GDP, refer this link.

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