Assume, the GDP deflator was 130 and nominal GDP was $1500 million for Singapore in 2000. Suppose in 2010, prices of domestic production as indicated by the GDP deflator increased to 175 while the nominal output of goods and services increased to $4500 million in Singapore. How much Singapore's economy has grown (in real terms) from 2000 to 2010?

Hint: Growth rate of the economy is measured using Real GDP

Group of answer choices

1)Singapore economy has grown roughly by 35%

2)Singapore economy has grown roughly by 200%

3)Singapore economy has grown roughly by 123%

4)Cannot be determined