If the nominal GDP was reported at $222.1 billion and real GDP was reported at $218.2 billion, what was the inflation rate for the period?

Question

Quizplus · Accepted Answer

The inflation rate is calculated as the percentage change in the nominal GDP minus the percentage change in the real GDP. In this case, the nominal GDP increased by 1.79% ($222.1 billion - $218.2 billion / $218.2 billion * 100) and the real GDP increased by 1.72% ($218.2 billion - $215.2 billion / $215.2 billion * 100). Therefore, the inflation rate is 1.79% - 1.72% = 0.07%.

If the Nominal GDP Was Reported at $222