Current Affairs

GK MCQs Section
Q. Consider the following statements:
  1. While Real GDP calculation takes inflation into account, Nominal GDP does not.
  2. Nominal GDP is often higher than Real GDP.
  3. GDP in India is calculated by the Central Statistics Office.
Which of the above statements is/are correct?
Answer: 1, 2 & 3
Notes: All three statements are correct. Real GDP is adjusted for inflation, while Nominal GDP is not. As a result, Nominal GDP is usually higher than Real GDP in inflationary scenarios. The Central Statistics Office (CSO), now merged into the National Statistical Office (NSO), is responsible for calculating GDP in India.
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