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

○ 0.011%

○ 0.82%

Ο 1.1%

○ 0.0082%

Answer 1

To calculate the approximate real GDP growth rate, we use the formula:

Real GDP Growth Rate = ((GDP Q2 - GDP Q1) / GDP Q1) * 100

Plugging in the values, we get:

((589.6 - 583.2) / 583.2) * 100 = (6.4 / 583.2) * 100 ≈ 1.1%

Therefore, the approximate real GDP growth rate for the country is 1.1%.

So the answer is: Ο 1.1%