Are nominal GDP and GDPmp same? What about GDPfc?
Dear student,
No, the nominal GDP and GDPMP are not same.
Nominal GDP refers to market value of the final goods and services produced with in the domestic Territory of a country during a financial year, estimated using the current year prices. It is also called GDP at current price for monetary GDP. Whereas GDPMP is the money value of final goods and services produced with in domestic Territory of a country in an accounting year.
GDPFC is the sum total of factor incomes (rent, interest, profit and wages) generated within the domestic Territory of a country along with consumption of fixed capital during a year. Hence, the three are not same.
Regards.
No, the nominal GDP and GDPMP are not same.
Nominal GDP refers to market value of the final goods and services produced with in the domestic Territory of a country during a financial year, estimated using the current year prices. It is also called GDP at current price for monetary GDP. Whereas GDPMP is the money value of final goods and services produced with in domestic Territory of a country in an accounting year.
GDPFC is the sum total of factor incomes (rent, interest, profit and wages) generated within the domestic Territory of a country along with consumption of fixed capital during a year. Hence, the three are not same.
Regards.