Mexico's real GDP was 1 comma 761 billion pesos in 2005 and 1 comma 822 billion pesos in 2006. Mexico's population growth rate in 2006 was 1.5 percent. Calculate Mexico's economic growth rate and growth rate of real GDP per person in 2006.

Economic Growth rate is 3.46%

Growth rate of real GDP per person is 1.96%

Explanation:

According to give data

Mexico's real GDP

1,761 billion pesos in 2005

1,822 billion pesos in 2006

Mexico's population growth rate in 2006 was 1.5 percent.

As we know

Economic growth rate is the percentage change in real GDP

Economic growth rate = ( 1822 - 1761) / 1761 = 3.46%

Growth rate of real GDP per person = % Change in real GDP - Growth rate of population = 3.46% - 1.5% = 1.96%

Growth rate of the Economy = 3.463%

Growth of real GDP per person = 1.963

Explanation:

Okay, so the question says to calculate the economic growth rate for Mexico and the growth rate of real GDP pre person in the year 2006

First step,

We weant to know the Economic Growth Rate

Formula= (GDP in 2006 - GDP in 2005)/ GDP in 2005) x 100

= 1,822 billion - 1,761 billion/ 1,761 billion) x 100

= 3.463%

Step 2:

The Growth of real GDP per person

Formula = Real GDP Growth Rate - Population Growth rate

= 3.463- 1.5

=1.963%

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