The formula used in the calculation is:
\[ \text{GDP Growth Rate} = \frac{\text{GDP in Current Period} - \text{GDP in Previous Period}}{\text{GDP in Previous Period}} \times 100 \]
This calculator computes the Economic Growth Rate based on the input values of GDP in the current period and the GDP in the previous period. The Economic Growth Rate is the increase in the inflation-adjusted market value of the goods and services produced by an economy over a specific period, typically measured in percentage terms.
Let's assume the following:
Calculate the GDP Growth Rate:
\[ \text{GDP Growth Rate} = \frac{17,304,984 - 16,920,328}{16,920,328} \times 100 = 2.27\% \]
Therefore, the GDP Growth Rate for this example is 2.27%.
