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Summary: The main differences between Nominal GDP and Real GDP are: 1.Nominal GDP represents the current prices of all types of services, and goods produced. 2.Real GDP is the costs of the services rendered, and goods produced, that is indicated by various base years.What is GDP and why is it so important?
GDP is important because it is a leading indicator of a country's economic health. It gives economists an idea of the nation's financial viability.What is the formula for calculating real GDP?
Written out, the equation for calculating GDP is: GDP = private consumption + gross investment + government investment + government spending + (exports – imports). For the gross domestic product, “gross” means that the GDP measures production regardless of the various uses to which the product can be put.What is the biggest GDP in the world?
The United States is the world's largest economy with a GDP of approximately $19.39 trillion, notably due to high average incomes, a large population, capital investment, moderate unemployment, high consumer spending, a relatively young population, and technological innovation.