RICHEST COUNTRIES IN AFRICA by nominal GDP

Описание к видео RICHEST COUNTRIES IN AFRICA by nominal GDP

Nominal gross domestic product (GDP) is the total value of all goods and services produced in a country during a specific period, calculated using current market prices. It's also known as "current dollar" GDP.
Difference between Nominal GDP and Real GDP - GeeksforGeeks
Nominal GDP is different from real GDP, which adjusts for price changes over time. Because nominal GDP doesn't account for inflation, it can be misleading when comparing economic growth over time. For example, a rise in nominal GDP from year to year could be due to inflation rather than an increase in the number of goods and services produced.
Nominal GDP is used to compare GDP to other economic indicators that aren't adjusted for inflation, like debt. It's also used to forecast GDP based on an assessment of the economic climate.
To calculate nominal GDP, you multiply the quantities of goods and services produced by their current market prices.

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