Growth rate of real GDP = 4 percent (= $31,200 - $30,000)/$30,000). GDP per capita in year 1 = $300 (= $30,000/100).
A country's gross domestic product that has been accounted for inflation is known as real GDP. Compare this to nominal GDP, which calculates GDP using today's prices without taking inflation into account.
Real GDP accounts for changes in price levels to determine the total goods and services produced by an economy in a given year. Because it accounts for inflation, you may compare GDP by year. It serves as a reliable gauge of the economy's stage in the business cycle.
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