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%.
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from Economics 102: MacroeconomicsChapter 10 / Lesson 2