When you hear reports of a country’s GDP that don’t specify the type, it's likely to be nominal GDP. Solution Below is given data for the calculation of nominal GDP. Step 2: Next, determine the gross investment of the country which includes all the capital investmentmade within the econ… GDP measures everything produced by all the people and companies within a country's borders. It is denoted by (C). Nominal gross domestic product is a measurement of economic output that doesn't adjust for inflation. The formula for nominal GDP can be derived by using the following steps: Step 1:Firstly, determine the private consumption of the country which is the measure of consumer expenditure within the economy that may include the purchase of durable goods, nondurable goods, and services. KPL is a developing country, the statistic department provides you with the below information, you are required to compute the nominal GDP of the country. Moreover, it then shows how to calculate the GDP growth rates using those the calculated values of nominal and real GDP. Therefore, the calculation of nominal growth domestic product can be done as follows, = 50,00,000 + 62,50,000 + 59,37,500 + (48,40,000 – 44,00,000) Nominal growth domestic product will be – Nominal growth do… This post outlines the process involved with calculating the nominal and real GDP using an example of an economy with 2 goods. The method for calculating GDP used in this post is the production (or value added) approach.

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