Nominal gdp. real gdp and inflation index Nominal gdp is the value of final goods and services calculated at current market price The real GDP is the value of final goods and services calculated at fixed price GDP deflator(GdP price index): an index that reflects the general price level. The relationship among real and nominal gDP and gdp deflator can be expressed as Real gDP=(Nominal GDP/gdP deflator)x 100 Consumer Price Index: another index that reflects the general price level. Its calculation is based on selected consumer goods5 Nominal GDP, Real GDP and Inflation Index ➢ Nominal GDP is the value of final goods and services calculated at current market price. ➢ The real GDP is the value of final goods and services calculated at fixed price. ➢ GDP deflator (GDP price index): an index that reflects the general price level. The relationship among real and nominal GDP and GDP deflator can be expressed as Real GDP = (Nominal GDP/GDP deflator)  100 ➢ Consumer Price Index: another index that reflects the general price level. Its calculation is based on selected consumer goods