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To calculate real GDP you must begin by using constant or a base price. Nominal GDP would be using current year's quantities by current year's prices. This is an example of nominal GDP.
Yr 2004 nominal GDP = (100 CDs * 20) + (200 tennis racquets * 110) = $22,200.00
Yr 2005 nominal GDP = (120 CDs * 22) + (210 tennis racquets * 120) = $27,840.00
Calculate real GDP for 2004 and 2005 using 2004 prices. By what percent did GDP grow?
To calculate real GDP you multiply the quantity by the price for each good or service and add them together, with a base year. For this example we will use prices from 2004 as a base...
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