How is the economic growth rate from the previous year (p) to the current year (c) calculated?

Explanation

The economic growth rate between two years is determined by subtracting the previous year's GDP (GDPp) from the current year's GDP (GDPc), dividing the difference by the previous year's GDP, and then multiplying by 100 to express it as a percentage. This formula is represented as [(GDPc - GDPp) / GDPp] × 100.