Hi Team,

Nominal GDP (2018)= $1168295175

Real GDP (2018)= $1,083,597,535

GDP Deflator= (1168295175/ 1083597535)*100

= 107.81

If GDP Deflator is more than 100, what will be the answer for below question.

Examine the status of the economic welfare in Good land Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work?

Thanks in advance