Calculating Economic Growth
Economic Growth Rate is calculated by taking the increase in real GDP per capita divide by real GDP per capita in the previous year X 100

New - Old/Old x 100
Rule Of 70
Estimates the time it will take something to double in value.


The number of years to double = 70 divide by the growth rate %


EX: How long for $1000 to double in a savings account that earns 5% per year?
70/5=14




Stephanie Powers, Econ 101, Economic Growth Red Deer, January 2012.