Question

​'s real GDP was billion in 2016 and billion in 2017. The population was million in 2016 and million in 2017. Calculate ​'s economic growth rate in​ 2017, the growth rate of real GDP per person in​ 2017, and the approximate number of years it will take for real GDP per person in to double if the 2017 economic growth and population growth rates are maintained.

Answer 1

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2.3 percent

Real GDP increased 2.3 percent in 2017 (that is, from the 2016 annual level to the 2017 annual level), compared with an increase of 1.5 percent in 2016 (table 1). The increase in real GDP in 2017 primarily reflected positive contributions from PCE, nonresidential fixed investment, and exports.

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