GDP (Gross Domestic Product) is the total dollar amount of all goods and services produced. The growth rate is the percentage increase or decrease of GDP from the previous measurement cycle. Even though the BEA reports quarterly, the growth rate is annualized so it can be compared to the previous year.
GDP, standard of living, unemployment rate, rate of inflation, and national debt.
Real GDP is a measure of the economic output of a country. The absolute measure only tells you what that output was for a particular period. The more important measure for employment is the difference between real GDP and a theoretical real GDP which economists use to calculate the maximum output of an economy. When the gap between real GDP and maximum output GDP is large, the unemployment rate will be large and vice versa.
The GDP Deflator uses the GDP calculation to work out inflation while CPI uses a basket of goods that are compared over time to work out the increase in prices
the GDP does not affect the literacy rate. The literacy rate affects the GDP. normally the higher the literacy rate, the higher the GDP, but not always. Some countries can have a very high literacy rate, but not a high GDP. but most of the time the higher the literacy rate, the higher the GDP and standard of living.
India current GDP is 7.7 % in Q-2 of 2011.
norminal GDP REAL GDP
Real GDP is inflation adjusted GDP so you have to take away inflation from GDP. GDP/ inflation (so if inflation is 5% you divide GDP / 1.05) to get real GDP. This is because Fisher's equation is (1 + Nominal Rate) = (1 + Real Rate) (1 + Inflation Rate).
GDP growth rate is the rate at which a country's Gross Domestic Product (GDP) is growing. This is usually seen as a country's economy-size.
GDP can indeed affect the literacy rate. If the country has a high GDP then it can provide free education to poors which will improve the literacy rate.
current GDP rate
How to calculate potential gdp and natyral rate of unemployment?
if gdp increases, it will increases prices and the repo rate has to be decreased in order to
Italy has a high literacy rate and the location is great so the GDP is high
the value of the dollar is stable