Part 1: Expenditures Approach to Calculating GDP
2. The process of inflation significantly influences the value of nominal GDP. The real GDP is calculated with a view to present real economic situation on the basis of GDP and other financial indicators of particular year. The real GDP presented in the table is calculated on the basis of chain-type quantity index as well as 2009 current-dollar value of the corresponding series. Therefore this index weights more than one period simultaneously being more reliable determinant of economic development. The nominal GDP of all the periods is greater than the real GDP that proves the phenomenon of inflation comparing ...