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If real GDP per capita for a country is $4000 in 2020 and $4280 in 2021, then what is the growth rate of GDP per capita?

Answer

The growth rate of GDP per capita is 7.0%. This value is calculated as the percentage change in real GDP per capita from one year to the next and is determined by taking the difference of the two GDP values and dividing by the smaller of the two values.

Calculation of Growth Rate

The growth rate of GDP per capita is calculated by taking the difference of the two GDP values and dividing by the smaller of the two values. In the case of this question, the growth rate of GDP per capita is given by the following equation:

Growth Rate = (GDP 2021 – GDP 2020) / GDP 2020

Growth Rate = (4280 – 4000) / 4000

Growth Rate = 0.07 or 7.0%

Importance of Growth Rate

The growth rate of GDP per capita is important for understanding the economic development of a country. It indicates the rate of increase in the average income of citizens within the country and can give a good indication of the overall economic health of the country. A low growth rate may indicate a poor economic climate, while a higher growth rate may indicate a healthier environment.

Limitations of the Growth Rate

The growth rate of GDP per capita does not account for the distribution of income within a country, and therefore may not give a complete picture of the economic health of the country. Additionally, it does not account for changes in the population size or other factors that could affect the overall GDP per capita.

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