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? asked in Social ScienceEconomics · 8 years ago

Real GDP increase from nominal increase and price index?

Nominal GDP increased from roughly $10.6 trillion in 2002 to $14.4 trillion in 2008. In the same period the GDP price index rose from 92 to 109. By how much did real GDP increase?

I have absolutely no idea how to answer this and have tried numerous different ways and still come up short. If you know how to answer this, please show your work, I truly want to understand how to do it.

Thanks!

1 Answer

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  • Anonymous
    8 years ago
    Favorite Answer

    Real GDP in 2002= 10.6/.92=$11.52b

    in 2008=14.4/1.09=$13.21b

    Rate of growth= 13.2/11.5 -1 x 100=14.78% or $1.69b.

    I mean trillion.

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