Problem

The table shows data for real GDP in trillions of dollars for Habanero Island.
\begin{tabular}{|c|r|}
\hline \multicolumn{2}{|c|}{ real GDP data } \\
\hline Year & real GDP (\$ trillions) \\
\hline 2015 & 19.2 \\
\hline 2016 & 17.3 \\
\hline 2017 & 18 \\
\hline 2018 & 18.5 \\
\hline 2019 & 18.9 \\
\hline 2020 & 18.7 \\
\hline 2021 & 19.3 \\
\hline 2022 & 19.1 \\
\hline
\end{tabular}
Use the data to calculate real GDP growth from 2017 to 2018. Round to two decimal places.
Enter your answer in percentage form. For example, if your answer is forty two percent, enter 42.

Answer

Expert–verified
Hide Steps
Answer

Final Answer: The real GDP growth from 2017 to 2018 is approximately \(\boxed{2.78\%}\).

Steps

Step 1 :The table shows data for real GDP in trillions of dollars for Habanero Island. The data for the years 2017 and 2018 are as follows: \[\begin{tabular}{|c|r|} \hline Year & real GDP (\$ trillions) \\ \hline 2017 & 18 \\ \hline 2018 & 18.5 \\ \hline \end{tabular}\]

Step 2 :The real GDP growth from 2017 to 2018 can be calculated using the formula: \[\text{GDP growth} = \frac{\text{GDP in 2018} - \text{GDP in 2017}}{\text{GDP in 2017}} \times 100\%\]

Step 3 :Substitute the given values into this formula: \[\text{GDP growth} = \frac{18.5 - 18}{18} \times 100\%\]

Step 4 :Simplify the expression to get the GDP growth: \[\text{GDP growth} = 2.7777777777777777\%\]

Step 5 :Round the result to two decimal places: \[\text{GDP growth} = 2.78\%\]

Step 6 :Final Answer: The real GDP growth from 2017 to 2018 is approximately \(\boxed{2.78\%}\).

link_gpt