Economics Real Vs Nominal Gdp Questions
GDP per capita refers to the total Gross Domestic Product (GDP) of a country divided by its population. It is a measure of the average economic output per person in a given country.
On the other hand, GDP per capita growth rate measures the percentage change in GDP per capita over a specific period of time. It indicates the rate at which the average economic output per person is increasing or decreasing in a country.
In summary, the difference between GDP per capita and GDP per capita growth rate is that the former is a static measure of the average economic output per person, while the latter is a dynamic measure that shows the rate of change in the average economic output per person over time.