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Calculating growth rates of real GDP and per-capita real GDP

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If real GDP were $3 trillion in year 1 and $3.06 trillion in year 2, the growth rate of real GDP between the two years is?

Year 1 the population was 300 million, and in year 2 the population was 306 million, what is the growth rate of the per-capita real GDP?

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The solution describes the steps for calculating growth rate of real GDP and per-capita real GDP.

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Solution :

If real GDP were $3 trillion in year 1 and $3.06 trillion in year 2, the growth rate of real GDP between the two years is?

Real GDP in year 1=$3 trillion
Real GDP in year 2=$3.06 trillion

Growth rate of Real GDP=(Real GDP in year 2-Real ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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