The following table shows UK nominal GDP for the years 1979, 1981, 1990, 1992, 2008 and 2011.
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The following table shows UK nominal GDP for the years 1979, 1981, 1990, 1992, 2008 and 2011. It also shows the GDP deflator where 2013 = 100.
1979 | 1981 | 1990 | 1992 | 2008 | 2011 | |
Nominal GDP (£bn) | 219.559 | 287.850 | 662.850 | 721.445 | 1564.252 | 1628.274 |
GDP deflator (2010 = 100) | 25.7 | 34.6 | 59.2 | 64.9 | 91.9 | 96.6 |
1. Work out the real GDP for each year based on 2013 prices.
2. By what percentage did real GDP grow between 1979 and 1981; between 1981 and 1990; between 1990 and 1992; between 1992 and 2008; and between 2008 and 2011?
3. Now repeat (2) but this time for nominal GDP.
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