Zoowawa's nominal GDP rose by 6% between 2017 and 2018. If its inflation rate was 2.5%, by how much did its real GDP increase?

Answers

Answer 1

Answer:

3.5%.

Explanation:

Real GDP is understood to be that which arises from the difference between the economic growth (that is, of the GDP) of a country during a given period, and the inflation that occurred during that period. That is to say, inflation is subtracted from said economic growth.

Thus, since Zoowawa's nominal GDP grew by 6 percent, while inflation was 2.5 percent, the real GDP of that nation grew by 3.5 percent (6 - 2.5) during the mentioned period.

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