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Macroeconomics I
ECON222
Fall 2017
Real GDP and price indexes are always dened relative to some base
year
,! the value of the index depends on the choice of base year
nominal GDP
GDP deator = 100
real GDP
,! reects changes in the prices of all goods/services included in GDP
StatsCan publishes nominal GDP and a GDP deator (2007 base year)
Real Canadian GDP per person was 27% higher in 2016 than in 1997.
Real GDP per person grew in most years, but fell in some