{"id":31680,"date":"2021-09-26T03:28:36","date_gmt":"2021-09-26T03:28:36","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=31680"},"modified":"2026-01-13T18:59:30","modified_gmt":"2026-01-13T18:59:30","slug":"nominal-gdp-real-gdp-and-gdp-deflator","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/uncategorized\/nominal-gdp-real-gdp-and-gdp-deflator\/","title":{"rendered":"Nominal GDP, Real GDP and GDP Deflator"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Aggregate Output, Prices, and Economic Growth (2025 Level I CFA\u00ae Exam \u2013 Economics \u2013 Module 3)\",\n  \"description\": \"This video lesson covers macroeconomic concepts related to GDP, aggregate demand and supply, and economic growth. It explains GDP calculations, income measures, and macroeconomic equilibrium. The lesson also explores fiscal relationships, economic fluctuations, and the production function approach to understanding growth, including input growth and total factor productivity.\",\n  \"uploadDate\": \"2022-03-18T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/XDs9kjMPKTo\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=XDs9kjMPKTo\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/XDs9kjMPKTo\",\n  \"duration\": \"PT1H00M32S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What is the most accurate statement about the GDP deflator?\",\n    \"text\": \"Which among the following is the most accurate statement about the GDP deflator?\\n\\nA. It is used to calculate the value of goods and services at base-year prices.\\n\\nB. It is used to calculate the value of goods and services at current year prices.\\n\\nC. It is used to calculate the aggregate changes in prices in the overall economy.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"It is used to calculate the aggregate changes in prices in the overall economy.\",\n      \"commentCount\": 0,\n      \"upvoteCount\": 0\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"It is used to calculate the value of goods and services at base-year prices.\",\n        \"commentCount\": 0,\n        \"upvoteCount\": 0\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"It is used to calculate the value of goods and services at current year prices.\",\n        \"commentCount\": 0,\n        \"upvoteCount\": 0\n      }\n    ]\n  }\n}\n<\/script>\n\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/XDs9kjMPKTo?si=eA_JuJI04jxBdefz\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p>It is economically healthy to exclude the effect of general price changes when calculating the GDP. This is because higher (lower) income caused by inflation does not indicate a higher (lower) level of economic activity.<\/p>\n<h2><strong>Real GDP<\/strong><\/h2>\n<p>Economists describe&nbsp;<strong>real GDP<\/strong> as what would have been the total expenditure on the output of goods and services if prices of the same were not altered. It represents the market value of goods and services if prices don\u2019t change over time, i.e., it holds prices constant to separate actual growth from inflation.<\/p>\n<p><strong>Per capita real GDP<\/strong>, which is the real GDP divided by the population size, regularly measures the living standards of the citizens of a given country.<\/p>\n<h2><strong>Nominal GDP<\/strong><\/h2>\n<p>On the other hand, nominal GDP refers to the value of goods and services measured at the current market prices, i.e., it uses the actual prices paid at any point in time.<\/p>\n<h4><strong>Example: <\/strong><strong>Real and&nbsp;<\/strong><strong>Nominal GDP<\/strong><\/h4>\n<p>Take an economy with a single fruit farm that produced 100,000 oranges with an average market price of $0.10 in 2018. The Gross Domestic Product in 2018 (nominal GDP) would be 0.10\u00d7100,000=$10,000.<\/p>\n<p>Suppose 100,000 oranges are produced in the year 2019 but at an increased market price of 10% per orange, which will give an average market price of $0.11 per orange. The nominal GDP in 2019 would be 0.11\u00d7100,000=$11,000$=$11,000 while the real GDP for 2019 will remain at $10,000 because we assumed the base year (2018) price in our calculation of real GDP. The GDP in the year 2019 would be $11,000.<\/p>\n<p>It might look like the economy grew between 2018 and 2019, even when constant production of oranges was witnessed. Actually, the economy did not grow at all because the same number of oranges was produced. This is what economists refer to as inflation.<\/p>\n<h2><strong>GDP Deflator<\/strong><\/h2>\n<p>GDP deflator is also called implicit price deflator for GDP. It is simply the ratio of Nominal GDP to Real GDP and is expressed as:<\/p>\n<p>$$\\text{GDP}_{deflator} = \\frac{\\text{Nominal}_{GDP}}{\\text{Real}_{GDP}} \u00d7 100$$<\/p>\n<p>Where:<\/p>\n<p>\\(\\text{Nominal GDP}\\) = value of current year output at current prices<\/p>\n<p>\\(\\text{Real GDP}\\) = value of current output at base year prices<\/p>\n<p>Using the example above, the GDP deflator for the year 2019 is:<\/p>\n<p>$$\\frac{11,000}{10,000} \u00d7 100 = 110$$<\/p>\n<p>The GDP deflator measures the aggregate changes in prices in the overall economy of a country. Therefore, changes in the deflator are used to calculate the level of inflation within the economy.<\/p>\n<h4><strong>Example: GDP Deflator<\/strong><\/h4>\n<p>Last year, automakers sold 1,000 cars at $20,745 each on average. This year, automakers sold 1,000 cars at $21,175 each on average. Calculate the GDP deflator.<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>Nominal GDP (last year) \\(= 1,000 \\times 20,745=$20,745,000\\)<\/p>\n<p>Nominal GDP (this year) \\(=1,000\\times 21,175=$21,175,000\\)<\/p>\n<p>Real GDP (last year) \\(= 1,000\\times 20,745=$20,745,000\\)<\/p>\n<p>Real GDP (this year) \\(= 1,000\\times 20,745=$20,745,000\\)<\/p>\n<p>Now, capturing the impact of inflation using the GDP deflator<strong>, <\/strong>we have:<\/p>\n<p>$$\\text{GDP Deflator} = \\frac{\\text{Nominal}_{GDP}}{\\text{Real}_{GDP}} \u00d7 100=\\frac{21,175,000}{20,745,00} \\times 100 =102.07$$<\/p>\n<p>From the values above:<\/p>\n<p>In nominal terms, we see 2.07% GDP growth. That is, nominal GDP increase from $20,745,000 to $21,175,000.<\/p>\n<p>In real terms, there was 0% GDP growth since it is still 1,000 cars sold.<\/p>\n<p>Therefore, 2.07% is the inflation rate in the economy.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>Which among the following is the <em>most accurate<\/em> statement about the GDP deflator?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">It is used to calculate the value of goods and services at base-year prices.<\/li>\n<li data-tadv-p=\"keep\">It is used to calculate the value of goods and services at current year prices.<\/li>\n<li data-tadv-p=\"keep\">It is used to calculate the aggregate changes in prices in the overall economy.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>C<\/strong>.<\/p>\n<p>The GDP deflator uses the value of goods and services at current year prices and the value at base-year prices. A ratio of the two gives the GDP deflator.<\/p>\n<\/blockquote>\n<div class=\"notes_inv\">\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/learning-sessions-curriculum-economics\/\"><em>Economics &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>It is economically healthy to exclude the effect of general price changes when calculating the GDP. This is because higher (lower) income caused by inflation does not indicate a higher (lower) level of economic activity. Real GDP Economists describe&nbsp;real GDP&#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-31680","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nominal GDP, Real GDP &amp; GDP Deflator | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Understand the differences between nominal and real GDP, and learn how the GDP deflator adjusts for inflation in economic analysis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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