If we define per capita GDP in 2020 as y2021 and per capita GDP in 2020 as y2020, the growth rate of per capita GDP, , from 2020 to 2021 is given by
Question
If we define per capita GDP in 2020 as y2020 and per capita GDP in 2021 as y2021, the growth rate of per capita GDP, , from 2020 to 2021 is given by
Solution
The growth rate of per capita GDP from 2020 to 2021 can be calculated using the formula:
Growth Rate = (y2021 - y2020) / y2020 * 100%
Step 1: Subtract the per capita GDP of 2020 (y2020) from the per capita GDP of 2021 (y2021). This will give you the change in per capita GDP from 2020 to 2021.
Step 2: Divide the result from step 1 by the per capita GDP of 2020 (y2020). This will give you the growth rate as a decimal.
Step 3: Multiply the result from step 2 by 100 to convert it into a percentage. This is the growth rate of per capita GDP from 2020 to 2021.
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