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✅Gross Domestic Product (GDP) : GDP is defined as total market value of all final goods and services in an economy. It is used to assess the size of economy.
✅Growth of GDP : It can be either due to increase in actual production or due to increase in prices of goods and services or combination of both the above two factors.
✅Nominal GDP : It is the value of GDP at the current prevailing prices.
✅Real GDP : It is the value of GDP at some constant set of prices.
Real GDP growth rate = Nominal rate – Inflation (GDP Deflator)
✅The GDP deflator : It is the ratio of nominal to real GDP.
GDP Deflator = Nominal GDP / Real GDP
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