GDP 110 · On-demand course
A one-hour recorded course from MCC Economics that looks past the headline GDP figure. It explains the difference between nominal and real GDP, then covers alternative measures, other economic concepts and what GDP leaves out.
GDP 110 is delivered by MCC Economics practitioners who apply economic analysis for governments, regulators and businesses.
Course lead
Economist, MCC Economics
Rodrigo is an economist who combines data analysis with project management. He has co-authored MCC papers on Ofwat's PR24 final determination, Dubai's smart grid programme and water resilience in the UK and US.
GDP 110 is a one-hour on-demand course on what sits beyond the headline GDP figure. It explains how nominal GDP differs from real GDP, introduces alternative measures and other economic concepts, and looks at the limitations of GDP. You get the video lecture, slides, a transcript and a quiz as soon as you buy.
You will be able to tell genuine growth from price effects and put GDP alongside other indicators. The course is built around three outcomes.
The lecture follows the published agenda, and a quiz at the end tests your understanding.
These are terms you will meet in the course, in plain English.
| Term | Meaning |
|---|---|
| Nominal GDP | The value of an economy's output measured at the prices of the year in question. |
| Real GDP | The value of output measured at the prices of a fixed base year, so that changes reflect output rather than prices. |
| Base year | The year whose prices are used to value output in every other year. Nominal and real GDP are equal in the base year. |
| Inflation | A general rise in prices over time, which pushes nominal GDP up even when output does not grow. |
| Price deflator | A price index used to convert nominal values into real values. |
| Economic indicator | A statistic, such as GDP, unemployment or inflation, used to judge how an economy is performing. |
It suits anyone who reads economic statistics and wants to interpret them with more confidence.
GDP 110 is the third step in MCC's on-demand GDP series. It follows the calculation methods in GDP 105 and leads on to the behaviour of GDP components and a real-world calculation.
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MCC Economics is an independent consultancy, founded in London in 2017, that provides economic and financial analysis to governments, regulators and businesses. Its clients include Ofgem, Ofwat, the Department for Energy Security and Net Zero, the Abu Dhabi Department of Energy and the Civil Aviation Authority. Read more about its economic analysis work or meet the team on the people page.
MCC Economics has helped us better understand the most important issues for our stakeholders, including: charges, shareholder returns, debt payments and inflation impacts.
See the instructor profiles near the top of this page for the current teaching team.
No. GDP 110 is available on demand only and no meeting is held. You watch the recorded lecture at your own pace.
A one-hour video lecture, the slides, an audio transcript and a quiz.
Straight away. Access to all course materials is given as soon as the order is placed.
Nominal GDP is measured at the prices of the year in question. Real GDP removes the effect of price changes by valuing output at the prices of a fixed base year, so it shows how much the economy has actually grown.
Yes, it helps. GDP 110 builds on how GDP is calculated, which is covered in GDP 101 and GDP 105.
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Page last reviewed October 2026.
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