Consider the following statements:

  1. While Real GDP calculation takes inflation in account, Nominal GDP does not.
  2. Nominal GDP is often higher than real GDP.
  3. GDP in India is calculated by the Central Statistics Office.

Which of the above statements is/are correct?

Answer: [D] 1, 2 & 3

All are correct statements. 

This question is a part of GKToday's Integrated IAS General Studies Module