How to calculate average annual growth rate of real gdp

Asked by admin @ 28/10/2021 in Business viewed by 302 People

A nation's average annual real GDP growth rate is 2.5 percent. Based on the rule of 70, the approximate number of years that it would take for this nation's real GDP to double is

Answered by admin @ 28/10/2021

Answer:

28 years

Explanation:

The formula for calculating the year a country's real will double given a rule of 70 is given as follows:

ND = 70/APGR

Where ND = Number of years to double

APGR = Annual percentage growth rate

The usefulness of the formula is that it can assist in economic and financial estimates and also to comprehend the compound growth rate characteristics.

In this question, we can calculate the number of years to double as follows:

ND = 70/2.5 = 28 years.

I wish the best.

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How to calculate average annual growth rate of real gdp

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