why do we bother to construct REAL GDP(gross domestic product) if we already know the NOMINAL GDP?

Question

Where can i find comprehensive data on GDP for various countries and GDP components?

Answer 1

Real GDP adjusts for inflation so we can look at GDP from year to year and understand how much prices have changed excluding inflation. This creates a common base which allows information to be compared from year-to-year. It is particularly helpful when comparing across countries where inflation rates differ.

A few great sources for GDP information is the World Bank, the IMF (international monetary fund) and the OECD (part of the UN). You may not be able to access all information for free but between these sites you should be able to get most of the information that you're looking for.

Answer 2

real GDP is adjusted for inflation and is therefore a better measure of the changing economy. you can find information on all past GDPs at www.bea.gov