if inflation was 3% per year, nominal gdp was growing at 8% per year, and population was growing at 2% per year, what was the gr

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sladkih [1.3K]

1 year ago

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if inflation was 3% per year, nominal gdp was growing at 8% per year, and population was growing at 2% per year, what was the gr

owth rate of real gdp per capita?

Business

1 answer:

eduard · Answer 1 · 2024-02-09T17:42:09+03:00

GDP nominal: a measure of economic value that takes into account the current market prices of all economic outputs.

Real GDP x GDP Deflator is the nominal GDP.

<h3>How is the real inflation rate calculated?</h3>

The estimation which factors expansion to get genuine Gross domestic product is as displayed underneath: The base year in this formula is the chosen year for which the government conducts periodic updates and is also used when comparing economic data like the GDP. Real GDP = GDP/ (1 + inflation since base year)

<h3>How is the real GDP growth rate calculated?</h3>

The percentage change in real GDP per capita between two consecutive years is used to calculate the annual growth rate of real GDP per capita. A country's or region's real GDP per capita is calculated by dividing GDP at constant prices by the population.

Learn more about GDP here:

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