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Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
The result would be that the GDP in 2000 equals $300 million × 1 ⁄ 2 = $150 million, in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP.
Okun's law is an empirical relationship. In Okun's original statement of his law, a 2% increase in output corresponds to a 1% decline in the rate of cyclical unemployment; a 0.5% increase in labor force participation; a 0.5% increase in hours worked per employee; and a 1% increase in output per hours worked (labor productivity).
Like the consumer price index (CPI), the GDP deflator is a measure of price inflation/deflation with respect to a specific base year; the GDP deflator of the base year itself is equal to 100. Unlike the CPI, the GDP deflator is not based on a fixed basket of goods and services; the "basket" for the GDP deflator is allowed to change from year to ...
Until April 2009, IMF several times communicated to the press, that a global annual real GDP growth of 3.0% or less in their view was "equivalent to a global recession". [ 168 ] [ 169 ] By this measure, six periods since 1970 qualify: 1974–1975, [ 170 ] 1980–1983, [ 170 ] 1990–1993, [ 170 ] [ 171 ] 1998, [ 170 ] [ 171 ] 2001–2002, [ 170 ...
The Commerce Department is confirming the worst fears of the economic worrywarts. Gross domestic product for the fourth quarter of 2012 came in negative rather than positive. This headline news ...
Today was far from a normal Fed-day as the FOMC announcement followed a GDP release that was negative for the first time in 13 consecutive quarters. Some things are the same and some things are ...
Nominal GDP in a particular period reflects prices that were current at the time, whereas real GDP compensates for inflation. Price indices and the U.S. National Income and Product Accounts are constructed from bundles of commodities and their respective prices. In the case of GDP, a suitable price index is the GDP price index.