From 2019 to 2020, nominal GDP , and real GDP . The inflation rate in 2020 was . Why is real GDP a more accurate measure of an economy's production than nominal GDP

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19-01-2022
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From 2019 to 2020, nominal GDP , and real GDP . The inflation rate in 2020 was . Why is real GDP a more accurate measure of an economy's production than nominal GDP

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Tundexi Tundexi · Answer 1 · 2022-01-28T11:58:51+01:00

The real GDP is a more accurate measure of an economy's production than nominal GDP because it is not influenced by price changes.

What is real GDP?

A real GDP is derived by adjusting the nominal GDP for inflation (i.e. price changes) and then, portrays a more sensible value of GDP.

However, the Nominal GDP are derived by considering the market value of all finished goods and services produced in the economy

In conclusion, the real GDP is a more accurate measure of an economy's production than nominal GDP because it is not influenced by price changes.