Question

2. This is the Philippine's real GDP (in thousands of pesos) for 2008 to 2011. Find...

2. This is the Philippine's real GDP (in thousands of pesos) for 2008 to 2011. Find nominal GDPs for each year:

please explain how u did it

Year

GDP at Constant Price

Deflator

Nominal GDP

2008

                      319,728

169.2413

2009

                      374,841

168.8164

2010

                      386,930

193.0217

2011

                      420,485

213.126
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Answer #1

GDP in constant prices is GDP that takes into account the effect of inflation in the economy. It is also known as the real GDP as it is adjusted for inflation.

Nominal GDP is GDP calculated at current market prices. Nominal GDP is deflated using GDP deflator to arrive at the real GDP.

We can calculate nominal GDP using the following formula.

Real GDP= Nominal GDP/ GDP deflator

Nominal GDP= Real GDP x GDP deflator

Year GDP at constant price Deflator Nominal GDP
2008 319,728 169.2413 54,111,182
2009 374,841 168.8164 63,279,308
2010 386,930 193.0217 74,685,886
2011 420,485 213.126 89,616,286
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