What is the highest ever recorded GDP growth rate?

How do I calculate the growth rate of GDP per capita?

• I'm having a little trouble solving part two to this problem. Suppose an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? I got a 4 percent increase. Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita? I'm sure it's a real simple problem, I just don't understand it right now. I have a test tomorrow so would someone please walk me through the solution. Thanks

• Answer:

  Real GDP growth = (31'200 / 30'000) - 1 = 1.04 - 1 = 0.04 = +4% Real per capita GDP Year1 = 30'000/100 = 300.00 Real per capita GDP Year2 = 31'200/102 ≈ 305.88 Per capita GDP growth = (305.88 / 300) - 1 ≈ 1.0196 - 1 = 0.0196 = +1.96%