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NYT Gets Real and Nominal GDP Mixed Up

NYT Gets Real and Nominal GDP Mixed Up

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Tuesday, 07 February 2012 16:34

A chart that accompanied an article about negotiations on Greece's debt showed that GDP had risen since 2007 in all the crisis countries except Ireland. This is not true. GDP is down in all of the crisis countries,

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Source: IMF.

It appears that the chart in the NYT is showing nominal GDP. This has risen since 2007 but only as a result of higher prices. Real GDP has fallen in all five crisis countries. (Sorry, I left off Portugal.)

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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