how to calculate percentage change in real gdp per capita
GDP per capita is a parameter that breaks down the GDP of a country to measure the economic prosperity of the citizens by simply dividing the GDP with the total population of that country. GDP is the total value of goods and services being produced in a country; it is a number that is published officially on the charts to measure the health of an economy. Mainly, economists use this metric to measure domestic productivity as compared to other competing nations, as this number can help them figure if GDP or population is impacting the economy. Or else match the numerator (GDP) to make up for the high denominator. Below are the top 10 countries with the highest GDP per capita as of 2019: All in all, GDP per capita plays a very crucial role in determining the country’s internal growth and prosperity.
A country has a nominal GDP of $5 trillion and a population of around 300 million, as of December 2018. It shows the purchasing power of an individual and how much economic production is being assigned to every citizen. For instance, if it is decreasing it means that either the population is growing faster than the GDP, or the production is not much enough for the population pulling the Per capita GDP downwards. GDP assists in measuring the health of the economy while they help to know the individual prosperity of its citizens. Cheese = ($5 * 50) + ($6 * 40) + ($7 * 50) = $840 4. The population of the country MNS is 100 million. Here we discuss how to calculate GDP per capita along with examples and its key factors.
On the contrary, if it is increasing it means that the economy is progressing with the same amount of population may be due to technological advancements or better employment opportunities in the country. The basis on which one can measure the National wealth of any economy since GDP per capita is used as a prosperity meter. Also, it has a comparatively low population which helps the nation to stay at the top.
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