In 2012, azania had nominal gdp of $6.6 million. Inflation rate with 2011 as the base year was 105. in 2013 the country's nominal gdp increased to $6.9 million with inflation rate of 120 on the basis of the same 2011 base year. what was the growth of real gdp between 2012 and 2013?
1
Expert's answer
2014-11-25T10:13:46-0500
GDPn(2012) = $6.6m, CPI(2012) = 105, GDPn(2013) = $6.9m, CPI(2013) = 120 Real GDP = Nominal GDP/CPI*100 Real GDP(2012) = 6.6/105*100 = $6.29 million Real GDP(2012) = 6.9/120*100 = $5.75 million Real GDP growth rate = (5.75 - 6.29)/6.29*100% = -8.6%
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment