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What is the difference between the total percentage increase in real GDP between 2008 and 2018...

What is the difference between the total percentage increase in real GDP between 2008 and 2018 and the average annual growth rate in real GDP between the same years? Explain.

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Answer #1
  • Answer – The total percentage increase in the real GDP between 2008 to 2018 = {( real GDP 2018—real GDP 2008) /(real GDP 2008 ) } ×100
  • Average annual growth in the real GDP between 2008 to 2018 = ( The total % increase in the real GDP between 2008 to 2018)/ ( number of years) .

The total % increase in the 10 years ( 2008 to 2018) doesn't reveal the year wise average growth rate in the GDP whereas the average annual growth rate in real GDP depicts year wise growth rate.

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