Question

Consider the following data for the United​ States: Year Real GDP ​($ billion) 20172017 18 comma 108.118,108.1 20182018 18 comma 638.218,638.2 ​*Real-time data provided by Federal Reserve Economic Data​ (FRED), Federal Reserve Bank of Saint Louis. The percentage change in real GDP from 20172017 to 20182018equals= 2.932.93​%. ​(Enter your response rounded to two decimal places and include a minus sign if necessary.​) This percentage change in real GDP is also known as

Answer 1

The percentage change in real GDP is 2.93%

Real economic growth rate

Step-by-step explanation:

The percentage in real GDP between year 2017 and 2018 can be computed using the below formula:

% change in real GDP=2018 real GDP-2017 real GDP/2017 real GDP

2017 real GDP is 18,108.1

2018 real GDP is 18,638.2

% change in real GDP=(18,638.2- 18,108.1)/ 18,108.1=2.93%

This percentage change in real GDP is also known as real economic growth rate.Economic growth rate is the rate of improvement in the economy with respect to additional value-adding goods and services produced by an economy with viz-a-viz the prior year