In 1990 Sweden had a GDP of $73 billion (measured in U.S. dollars) and a population of 5.2...

Question:

In 1990 Sweden had a GDP of $73 billion (measured in U.S. dollars) and a population of 5.2 million. In 2010, Sweden had a GDP of $165 billion (measured in U.S. dollars) and a population of 5.8 million. By what percentage did Sweden's GDP per capita rise between 1990 and 2010?

GDP per capita:

GDP stands for Gross Domestic Product, which is a measure of the dollar value of goods and services produced by an economy over a year. GDP per capita means each person's average share of the GDP. It is a measure of well-being in the economy.

Answer and Explanation:

Year GDP Population GDP per capita
1990 $73 billion 5.2 million $14,038.46
2010 $165 billion 5.8 million $28,448.27

Percentage increase = $28.448.27-14,038.46/$14.038.46 = an increase of 102.64%.


Learn more about this topic:

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How Real GDP per Capita Affects the Standard of Living

from Economics 102: Macroeconomics

Chapter 10 / Lesson 2
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