Double Counting GDP

What is the Problem of Double Counting GDP?We define GDP as the current value of all final goods and services produced in a nation in a year. Final goods are goods at the furthest stage of production at the end of a year. Statisticians who calculate GDP must avoid the...

GDP Deflator

What is the GDP Deflator?GDP Deflator is a price index used to convert the stated level of GDP in an economy into real terms. This means that you are converting the current dollar value to the same dollar value at an earlier time period, so that you can compare the...