Based on the nominal GDP and the population of Scotland in 2013 and 2014, which of the following statements is correct? Select one correct answer.

Steps to Solve

1. Identify the GDP and Population for Each Year

   For 2013:

   • GDP: £139,177,000,000
   • Population: 5,327,660

   For 2014:

   • GDP: £145,825,000,000
   • Population: 5,347,538

2. Calculate GDP per capita for Each Year

   The formula for GDP per capita is:

   $$ \text{GDP per capita} = \frac{\text{GDP}}{\text{Population}} $$

   For 2013:

   $$ \text{GDP per capita (2013)} = \frac{£139,177,000,000}{5,327,660} $$

   For 2014:

   $$ \text{GDP per capita (2014)} = \frac{£145,825,000,000}{5,347,538} $$

3. Perform the Calculations

   Calculating for 2013:

   $$ \text{GDP per capita (2013)} = \frac{139,177,000,000}{5,327,660} \approx £26,047.65 $$

   Calculating for 2014:

   $$ \text{GDP per capita (2014)} = \frac{145,825,000,000}{5,347,538} \approx £27,258.18 $$

4. Calculate the Change in GDP per capita

   Find the difference in GDP per capita from 2013 to 2014:

   $$ \text{Change} = \text{GDP per capita (2014)} - \text{GDP per capita (2013)} $$

   Plugging in the values:

   $$ \text{Change} \approx £27,258.18 - £26,047.65 \approx £1,210.53 $$

5. Calculate the Percentage Change

   The formula for percentage change is:

   $$ \text{Percentage Change} = \left( \frac{\text{Change}}{\text{GDP per capita (2013)}} \right) \times 100 $$

   Substituting the values:

   $$ \text{Percentage Change} \approx \left( \frac{1,210.53}{26,047.65} \right) \times 100 \approx 4.65% $$

6. Analyze the Answer Choices

   Compare the computations with the statements provided to find the correct one.