Homework Answers
Percentage change in real GDP = GDP in 2003- GDP in 2002/GDP in 2002* 100
= (12792-13169)/13169 * 100
= - 2.86%
The percentage change in real GDP is also known as the economic growth rate. It is rate at which the economy grows from one year to the next one. Here, since it is a negative value, the growth rate is negative.
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