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The average annual economic growth rate in Singapore over the 22.00 years from 1957 to 1979 was 3.20%.
What is average annual economic growth rate (AAGR) ?
The average annualised return of a portfolio, asset, or cash flow over time is known as the average annual growth rate, or AAGR.
The basic arithmetic mean of a set of returns is used to calculate AAGR.
Calculation for average annual economic growth rate:
Real per capita GDP in Singapore in 1957 was about $400 and it doubled to about $800.00 by 1979 over the period of 22 years.
Growth rate = [tex](\frac{last value}{initial value} )^{\frac{1}{n} } -1[/tex]
The last value = $800
The initial value = $400
n = number of years
Growth rate = [tex](\frac{800}{400} )^{\frac{1}{22} } -1[/tex]
= [tex](2)^{\frac{1}{22} } -1[/tex]
= 1.032 - 1
= 0.032
Growth rate % = 0.032×100
= 3.2%
Therefore, the growth rate in Singapore over 22 years are 3.2%.
To know more about Gross domestic product (GDP), here
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