Economic growth basics The Real GDP and population data for two hypothetical countries, Anga and Mithila, for the years 2012 and 2013 are given as follows. Anga Mithila Real GDP (2012) $8,128,000 $2,564,000 Population (2012) 8,000 4,000 Real GDP (2013) $8,859,520 $2,692,200 Population (2013) 8,400 4,080 Between the years 2012 and 2013, the absolute Real economic growth for Anga is . Similarly, the absolute Real economic growth for Mithila is . The percentage change in Real GDP between two years may be calculated using this formula: Percentage Change in Real GDPPercentage Change in Real GDP = = Change in Real GDPReal GDP in Year 1Change in Real GDPReal GDP in Year 1 The rule of 70 states that if a variable grows at X% per year, then it will take about 70X70X years for the variable to double. For Anga and Mithila, the absolute real economic growth rates (percentage change in Real GDP) are 9% and 5%, respectively. If these rates of growth are sustained over a long period of time, it will take approximately years for the Real GDP of Anga to double. On the other hand, it will take Mithila approximately years. The per-capita real economic growth between 2012 and 2013 for Anga is . Similarly, per-capita real economic growth for Mithila is . Grade It Now Save & Continue Continue without saving