GDP sums up the prices of all finished goods and services. There are two ways that GDP can increase: 1.) Increases in prices (inflation) and 2.) Increases in productivity (more or better goods and services). Nominal GDP is the sum of all spending in the economy. If inflation is three percent in a given year and economic growth is three percent in that year, then nominal GDP spending will have risen by six percent.

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Last Updated on September 3, 2018 by Ramin Seddiq