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15 May, 14:00

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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  1. 15 May, 14:09
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    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.
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