Real GDP = (Nominal GDP / Price Index of the current year) x 100 Example 1 2020 Nominal GDP = £1,190. Price index = 100 2023 Nominal GDP = £1,410. Price Index = 121 Calculate Real GDP expressed in 2020 prices. 2023 Real GDP = 1,410 *100/121 = £1,165.29 What is economic growth between 2023 … Continue reading Calculating Real GDP