The table shows the nominal Gross Domestic Product (GDP) for Switzerland over a three-year period.
| Year | Nominal GDP (CHF bn) |
|---|---|
| 2022 | 450 |
| 2023 | 490 |
| 2024 | 520 |
Between 2022 and 2023, the annual rate of inflation was 5.5%, and between 2023 and 2024, it was 3.2%.
What was Switzerland's real GDP in 2023, at 2022 prices (to the nearest billion CHF)?
CHF 463 bn
CHF 464 bn
CHF 465 bn
CHF 475 bn
77 exam-style questions on OCR A Level Economics Inflation. Each one has a worked solution and a mark scheme showing where the marks go.