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GDP Data – Problems Over Time
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- Words:
- 681
- Submitted:
- Thu Jul 11 2002
... Tarek Elsayed February 10, 2002 GDP Data - Problems Over Time Comparing GDP/national income of the UK today with the national income in the pasts presents many problems. These are: Prices - Prices have tended to increase over time. So an increase in national income over the period does not necessarily indicate that there has been an increase in the number of goods and services produced in the economy. Only if the rate of increase of national income measured in money terms (the nominal rate of economic growth) has been greater than the increase in prices (the inflation rate) can there be said to have been an increase in output. So when comparing over time, it is essential to consider real and not nominal changes in income. The accuracy and presentation of statistics - National income statistics are inaccurate and therefore it is impossible to give a precise figure for the change in income over
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