Different Examples of GDP. The formula listed above represents what economists call nominal GDP. ... So a more accurate representation of economic growth is what’s known as “real GDP.” ...

Applying the formula from Step 1, the QoQ real GDP growth rate during the second quarter is equal to: (16,324.3 - 16,177.3) / 16,177.3 = .0091 = 0.91% (quarterly rate) Next, we apply the formula ...

Real GDP is calculated using a GDP price deflator, which is the difference in prices between the current year and the base year. For example, if prices rose by 5% since the base year, then the ...

There are several different ways to think about GDP. Real GDP accounts for the value of ... GDP is calculated using this formula: GDP = consumption ... for example, which would increase the GDP.

Example of a GDP Gap According to the Bureau of Economic Analysis (BEA), the actual GDP in the United States for the fourth quarter of 2020 was $20.93 trillion.