If Real GDP was $8,742 billion in year 2 and it had been $8,509 billion in year 1, what was the approximate economic growth rate during this time period

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02-03-2020
Business

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If Real GDP was $8,742 billion in year 2 and it had been $8,509 billion in year 1, what was the approximate economic growth rate during this time period

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ladeitan ladeitan · Answer 1 · 2020-03-07T02:40:02+01:00

Answer: The approximate economic growth rate during the period is 2.74%.

Explanation: The economic growth rate above was calculated by this formula: (current year's real GDP - previous year's real GDP) / Previous year's real GDP. That is, ($8,742 - $8,509) / $8,509 = 0.02738. Expressed as a percentage, would approximately be 2.74%.

The real GDP is an inflation-adjusted GDP and a consistent measurement of GDP unlike the nominal GDP.

The real GDP is more relevant for economic decision making like inflation control, fiscal policies, etc.