The table below shows the index of real GDP for South Korea between 2018 and 2022.
| Year | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Index of real GDP (2020=1002020 = 1002020=100) | 93.2 | 96.8 | 100.0 | 104.2 | 101.5 |
From the data, it can be inferred that in South Korea:
real GDP grew by 6.8%6.8\%6.8% between 2018 and 2020.
the rate of economic growth was higher in 2021 than in 2020.
the annual rate of inflation was 4.2%4.2\%4.2% in 2021.
total real output of the economy fell by 2.7%2.7\%2.7% between 2021 and 2022.
187 exam-style questions on AQA A Level Economics 2.1 The measurement of macroeconomic performance, covering 2.1.1 The objectives of government economic policy, 2.1.2 Macroeconomic indicators, 2.1.3 Uses of index numbers, and 2.1.4 Uses of national income data (A-level only). Each one has a worked solution and a mark scheme showing where the marks go.