A country had a GDP of $6. 10 trillion, followed by a GDP of $6. 15 trillion the next quarter. To easily view the changes over the past few decades, the inflation-adjusted GDP of the country for that first quarter was $583.2 billion, followed by an inflation-adjusted GDP of $589.6 billion the next quarter. What is the country's approximate real GDP growth rate? (1 point)

Question

A country had a GDP of $6. 10 trillion, followed by a GDP of $6. 15 trillion the next quarter. To easily view the changes over the past few decades, the inflation-adjusted GDP of the country for that first quarter was $583.2 billion, followed by an inflation-adjusted GDP of $589.6 billion the next quarter. What is the country's approximate real GDP growth rate? (1 point)

1.10%
0.82%
0.011%
0.0082%

Answer 1

The formula to calculate the real GDP growth rate is:

Real GDP Growth Rate = ((GDP for current quarter - GDP for previous quarter) / GDP for previous quarter) x 100

Plugging in the values, we get:
Real GDP Growth Rate = (($589.6 billion - $583.2 billion) / $583.2 billion) x 100
Real GDP Growth Rate = ($6.4 billion / $583.2 billion) x 100
Real GDP Growth Rate = 0.011 x 100
Real GDP Growth Rate = 1.1%

Therefore, the country's approximate real GDP growth rate is 1.10%.