Calculating nominal gdp growth rate
Real Gross Domestic Product (Real GDP) is a modification of the basic Gross Domestic Product calculation that is commonly used to measure the size and growth of a country's economy.Real GDP involves modifying the normal GDP figure to account for inflation and remove the impact that it has on GDP growth over time. The GDP deflator is a measure of price inflation. It is calculated by dividing Nominal GDP by Real GDP and then multiplying by 100. (Based on the formula). Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation. Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output.