What is the average annual growth rate of Schengen border crossings over the full period from 2018 to 2023, expressed as a compound annual growth rate (CAGR)?
| Year | Schengen Border Crossings (millions) | Year-on-Year Change (%) |
|---|---|---|
| 2018 | 420 | — |
| 2019 | 445 | 5.95 |
| 2020 | 198 | -55.51 |
| 2021 | 260 | 31.31 |
| 2022 | 380 | 46.15 |
| 2023 | 430 | 13.16 |
Choose your answer
Explanation
CAGR = (End Value / Start Value)^(1/n) - 1, where n = number of years = 5 End Value = 430 million (2023), Start Value = 420 million (2018) Ratio = 430 / 420 = 1.02381 CAGR = (1.02381)^(1/5) - 1 = (1.02381)^0.2 - 1 (1.02381)^0.2 ≈ 1.00471 CAGR ≈ 0.471%, approximately 0.47%