§ Mr. GibbTo ask the Chancellor of the Exchequer if he will make a statement on the relative relevance and importance of(a) real and (b) nominal GDP figures. [61976]
§ Ruth KellyReal and nominal GDP growth are linked via the implicit price deflator—the GDP deflator measure of inflation. Low inflation is the essential foundation for securing sustainable improvements in real GDP growth. So it is not meaningful in general to distinguish between real and nominal GDP in terms of relevance and importance.