Question

In 2010, nominal GDP was approximately $14.5 trillion; in 2011, it was approximately $15.1 trillion. Calculate the percentage change in GDP over this time period:

Answer 1

The change is in the GDP is + 4.2%

Answer 2

Answer: The percentage change in GDP over this time period is about 4.14%.

Explanation:

Given: The approximate nominal GDP in 2010 = $14.5 trillion

The approximate nominal GDP in 2011 = $15.1 trillion

Now, the change in GDP over this period =
`\text{$15.1 trillion-$14.5 trillion=$0.6 trillion}`

The percentage change in GDP over this time period will be :

`\frac{\text{change in GDP }}{\text{GDP in 2010}}*100\\\\=(0.6)/(14.5)*100=4.1379310\approx4.14\%`

Hence, the percentage change in GDP over this time period is about 4.14%.