{"id":4775,"date":"2023-11-30T16:31:47","date_gmt":"2023-11-30T16:31:47","guid":{"rendered":"https:\/\/thewealthcircle.com\/?p=4775"},"modified":"2023-12-01T19:04:29","modified_gmt":"2023-12-01T19:04:29","slug":"real-gdp-formula","status":"publish","type":"post","link":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/","title":{"rendered":"Real GDP Formula: How to Calculate Real GDP","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<p>Regarding politics, GDP is highly debated yet poorly understood by so many. GDP means different things to different individuals in society. <\/p>\n\n\n\n<p>To economists, it is the size of an economy, while GDP is an economic growth strategy to politicians. <\/p>\n\n\n\n<p>These definitions and others reflect superficially what GDP means, especially to the layman. With this ineptitude explanation of GDP, calculating GDP becomes an issue. <\/p>\n\n\n\n<p>This article compiles all you need to know about GDP. It explains GDP, the Real GDP formula, and how to calculate It in 2023. <\/p>\n\n\n\n<p>Read this piece to the end to gain insight into the gross domestic product. This will aid you to engage in a duel effectively. The table of contents below reveals the order in which these points were duly discussed. <\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-what-is-real-gdp\" data-level=\"2\">What is Real GDP?<\/a><\/li><li><a href=\"#h-how-is-nominal-gdp-different-from-real-gdp\" data-level=\"2\">How is Nominal GDP Different from Real GDP?<\/a><\/li><li><a href=\"#h-what-is-the-formula-for-real-gdp\" data-level=\"2\">What is the Formula for Real GDP?<\/a><\/li><li><a href=\"#h-how-to-calculate-real-gdp\" data-level=\"2\">How To Calculate Real GDP <\/a><\/li><li><a href=\"#h-calculating-real-gdp-using-base-year\" data-level=\"2\">Calculating Real GDP using Base Year<\/a><\/li><li><a href=\"#h-how-does-real-gdp-measure-production-and-services\" data-level=\"2\">How Does Real GDP Measure Production and Services<\/a><\/li><li><a href=\"#h-why-calculating-real-gdp\" data-level=\"2\">Why Calculating Real GDP<\/a><\/li><li><a href=\"#h-conclusion\" data-level=\"2\">Conclusion<\/a><\/li><li><a href=\"#h-references\" data-level=\"2\">References<\/a><\/li><li><a href=\"#h-recommendations\" data-level=\"2\">Recommendations<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-real-gdp\"><span id=\"what-is-real-gdp\">What is Real GDP?<\/span><\/h2>\n\n\n\n<p>This refers to a measurement of economic output that accounts for the effects of inflation or deflation. Unlike the nominal GDP, real GDP provides a more realistic assessment of growth. <\/p>\n\n\n\n<p>Basically, the gross domestic product is the market value of all final goods and services produced within a country in a given period of time. <\/p>\n\n\n\n<p>The first word &#8220;gross,&#8221; simply means that GDP measures production irrespective of the different ways a product is used. &#8220;Domestic&#8221; emphasizes that GDP measured must be products within a given border. <\/p>\n\n\n\n<p>&#8220;Production&#8221; on the other hand, clarifies that products can be used for immediate consumption, investment into a fixed asset, or replacement of fixed assets that have depreciated. <\/p>\n\n\n\n<p>GDP includes services and values produced by the government. They could be businesses that charge for time or labor rather than a per-unit product. Professions that fall into this cadre are -lawyers, doctors, plumbers, electricians, etc. <\/p>\n\n\n\n<p>In a nutshell, real GDP measures all gross domestic products as they adjust for inflation and deflation. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-is-nominal-gdp-different-from-real-gdp\"><span id=\"how-is-nominal-gdp-different-from-real-gdp\">How is Nominal GDP Different from Real GDP?<\/span><\/h2>\n\n\n\n<p>Real GDP focuses on gross domestic product as they adjust for inflation and deflation while nominal GDP measures GDP based on unadjusted prices. <\/p>\n\n\n\n<p>In clearer terms, Nominal GDP ascertains the <a href=\"http:\/\/kiiky.com\/wealth\/best-gig-economy-jobs\/\" target=\"_blank\" rel=\"noreferrer noopener\">total output of an <\/a>economy based only on prices. Real GDP, on the other hand, focuses on the economy&#8217;s actual value. It is more accurate than the nominal GDP. <\/p>\n\n\n\n<p>Mostly, when a country&#8217;s GDP doesn&#8217;t specify the type of GDP &#8211; it is usually a nominal GDP. It simply includes prices and growth. A country&#8217;s real GDP represents actual pure growth. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-formula-for-real-gdp\"><span id=\"what-is-the-formula-for-real-gdp\">What is the Formula for Real GDP?<\/span><\/h2>\n\n\n\n<p>The formula for real GDP is nominal GDP divided by the deflator. R = N\/D &#8211; Real GDP = Nominal GDP\/ Deflator. <\/p>\n\n\n\n<p><strong>Real&nbsp;GDP= Nominal&nbsp;GDP\u200b \/ R <\/strong><\/p>\n\n\n\n<p>To get GDP deflator, use the formula below: <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1934\/2017\/06\/13202420\/5900085d556d7020428ab24364.png\" alt=\"image\" \/><\/figure>\n\n\n\n<p>The deflators refer to the figure generated from the inflation rate. Usually, the Bureau of Economic Analysis provides the deflator every quarter. <\/p>\n\n\n\n<p>Using this formula, the effects of inflation are removed when the nominal GDP is divided by the deflator. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-calculate-real-gdp\"><span id=\"how-to-calculate-real-gdp\">How To Calculate Real GDP <\/span><\/h2>\n\n\n\n<p>To calculate real GDP, firstly, you must determine how much GDP has been changed by inflation since the base year. Secondly, you must divide out the inflation each year. <\/p>\n\n\n\n<p>If prices change while output doesn&#8217;t, nominal GDP will change. The real GDP determines the purchasing power net of any price changes over time. Using the formula for Real GDP,  simply divide the nominal GDP by the deflator.<\/p>\n\n\n\n<p>For instance, if the nominal GDP in 2019 was $25.427 trillion, and the deflator 1.3245 &#8211; the real GDP will be $25.427 trillion divided by 1.3245. <\/p>\n\n\n\n<p><strong>Read Also:\u00a0<a href=\"http:\/\/kiiky.com\/wealth\/free-baby-formula\/\" target=\"_blank\" rel=\"noreferrer noopener\">8 New Ways to Free Baby Formula In 2023 | Simple Guide<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-calculating-real-gdp-using-base-year\"><span id=\"calculating-real-gdp-using-base-year\">Calculating Real GDP using Base Year<\/span><\/h2>\n\n\n\n<p>If you need to calculate Real GDP for a given base year, multiply the prices of goods and services purchased in the base years. <\/p>\n\n\n\n<p>Basically, Real GDP refers to GDP evaluated at market prices of some base years. So, to calculate real GDP for 2005 with 2000 as the base year &#8211; take the quantities of all goods and services purchased in 2005, and multiply them by their prices in 2000. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-does-real-gdp-measure-production-and-services\"><span id=\"how-does-real-gdp-measure-production-and-services\">How Does Real GDP Measure Production and Services<\/span><\/h2>\n\n\n\n<p>The Real GDP only counts final production. It measures the final output of goods and services produced in a state within a given period. <\/p>\n\n\n\n<p>GDP components divide production into categories. With this, you can tell what contributes most to the economy. Also, the real GDP measures service like hairdressing, bank services, and even services provided by the U.S. military. <\/p>\n\n\n\n<p>The inability to calculate some <a href=\"http:\/\/kiiky.com\/wealth\/best-delivery-services-to-work-for\/\" target=\"_blank\" rel=\"noreferrer noopener\">services like unpaid child care<\/a> makes the Real GDP a false measurement of the true U.S production. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-calculating-real-gdp\"><span id=\"why-calculating-real-gdp\">Why Calculating Real GDP<\/span><\/h2>\n\n\n\n<p>Generally, Real GDP is used to compute economic growth. To get accurate results, you must use real GDP, which calculates real growth. <\/p>\n\n\n\n<p>If you opt for nominal GDP, you may calculate price and wage increases. <\/p>\n\n\n\n<p>With the Real GDP, the <a href=\"http:\/\/kiiky.com\/wealth\/get-paid-to-move-to-another-country\/\" target=\"_blank\" rel=\"noreferrer noopener\">country&#8217;s economic growth can be determined<\/a>. It tells if it is growing more quickly or slowly than the previous quarter. <\/p>\n\n\n\n<p>In addition, Real GDP reveals the GDP growth rate, which helps <a href=\"http:\/\/kiiky.com\/wealth\/is-silver-good-investment\/\" target=\"_blank\" rel=\"noreferrer noopener\">investors adjust their asset allocation in their portfolios<\/a>. <\/p>\n\n\n\n<p>The Real GDP is also used to compare the size of economies worldwide. It is important to consider the different costs of living between the countries being compared. This can be achieved if you use a purchasing power parity. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\"><span id=\"conclusion\">Conclusion<\/span><\/h2>\n\n\n\n<p>To get the Real GDP of a country, you need the right formula. And, the right formula will be best understood if you comprehend the following terms &#8211; GDP, Nominal GDP, and Real GDP. <\/p>\n\n\n\n<p>This article explains in detail what each term means and how to get each figure using the right formula. So, read through to learn how to calculate Real GDP accurately. It means just more than economic growth. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-references\"><span id=\"references\">References<\/span><\/h2>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.thestreet.com\/politics\/what-is-real-gdp-15123057\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Street.com<\/a>\u00a0&#8211; What is real GDP<\/li>\n\n\n\n<li><a href=\"https:\/\/www.investopedia.com\/terms\/r\/realgdp.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Investopedia.com\u00a0<\/a>&#8211; Real GDP<\/li>\n\n\n\n<li><a href=\"https:\/\/www.thebalance.com\/what-is-real-gdp-how-to-calculate-it-vs-nominal-3306040\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The balance.com<\/a>\u00a0&#8211; What is real GDP<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-recommendations\"><span id=\"recommendations\">Recommendations<\/span><\/h2>\n\n\n\n<ul>\n<li><a href=\"http:\/\/kiiky.com\/wealth\/is-fundrise-legit-see-full-review\/\" target=\"_blank\" rel=\"noreferrer noopener\">Is Fundrise Legit? Fundrise Reviews<\/a><\/li>\n\n\n\n<li><a href=\"http:\/\/kiiky.com\/wealth\/portfolio-visualizer-review\/\" target=\"_blank\" rel=\"noreferrer noopener\">Portfolio Visualizer Reviews<\/a><\/li>\n\n\n\n<li><a href=\"http:\/\/kiiky.com\/wealth\/recession-proof-businesses\/\" target=\"_blank\" rel=\"noreferrer noopener\">15 Recession-Proof Businesses | Expert Predictions<\/a><\/li>\n\n\n\n<li><a href=\"http:\/\/kiiky.com\/wealth\/dividend-growth-investing\/\" target=\"_blank\" rel=\"noreferrer noopener\">What Is Dividend Growth Investing? | A Full Guide To Massive Wealth<\/a><\/li>\n<\/ul>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"Regarding politics, GDP is highly debated yet poorly understood by so many. GDP means different things to different&hellip;\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":21,"featured_media":4795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Real GDP Formula: How to Calculate Real GDP<\/title>\n<meta name=\"description\" content=\"The real GDP formula is Nominal GDP\/ Deflator. To calculate real GDP in 2023, simply divide nominal GDP by deflator. 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See real formula for GDP","og_url":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/","og_site_name":"Kiiky Wealth","article_author":"https:\/\/www.facebook.com\/Ihejietovictory","article_published_time":"2023-11-30T16:31:47+00:00","article_modified_time":"2023-12-01T19:04:29+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg","type":"image\/jpeg"}],"author":"victory","twitter_card":"summary_large_image","twitter_creator":"@victory_ihejieto","twitter_misc":{"Written by":"victory","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/#article","isPartOf":{"@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/"},"author":{"name":"victory","@id":"https:\/\/kiiky.com\/wealth\/#\/schema\/person\/1ebb8c9d0ab0f45d83f2c037db530ac0"},"headline":"Real GDP Formula: How to Calculate Real GDP","datePublished":"2023-11-30T16:31:47+00:00","dateModified":"2023-12-01T19:04:29+00:00","mainEntityOfPage":{"@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/"},"wordCount":1047,"commentCount":0,"publisher":{"@id":"https:\/\/kiiky.com\/wealth\/#organization"},"image":{"@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/#primaryimage"},"thumbnailUrl":"https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg","articleSection":["Money Management"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/kiiky.com\/wealth\/real-gdp-formula\/#respond"]}],"accessibilityFeature":["tableOfContents"]},{"@type":"WebPage","@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/","url":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/","name":"Real GDP Formula: How to Calculate Real GDP","isPartOf":{"@id":"https:\/\/kiiky.com\/wealth\/#website"},"primaryImageOfPage":{"@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/#primaryimage"},"image":{"@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/#primaryimage"},"thumbnailUrl":"https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg","datePublished":"2023-11-30T16:31:47+00:00","dateModified":"2023-12-01T19:04:29+00:00","description":"The real GDP formula is Nominal GDP\/ Deflator. To calculate real GDP in 2023, simply divide nominal GDP by deflator. See real formula for GDP","breadcrumb":{"@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/kiiky.com\/wealth\/real-gdp-formula\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/#primaryimage","url":"https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg","contentUrl":"https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg","width":1280,"height":720,"caption":"Image Source: educba.com"},{"@type":"BreadcrumbList","@id":"https:\/\/kiiky.com\/wealth\/real-gdp-formula\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/kiiky.com\/wealth\/"},{"@type":"ListItem","position":2,"name":"Real GDP Formula: How to Calculate Real GDP"}]},{"@type":"WebSite","@id":"https:\/\/kiiky.com\/wealth\/#website","url":"https:\/\/kiiky.com\/wealth\/","name":"Kiiky Wealth","description":"Learn How to Build Wealth Online","publisher":{"@id":"https:\/\/kiiky.com\/wealth\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/kiiky.com\/wealth\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/kiiky.com\/wealth\/#organization","name":"The Wealth Circle","url":"https:\/\/kiiky.com\/wealth\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/kiiky.com\/wealth\/#\/schema\/logo\/image\/","url":"https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2022\/05\/kiiky-lwealth-logo.png","contentUrl":"https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2022\/05\/kiiky-lwealth-logo.png","width":255,"height":60,"caption":"The Wealth Circle"},"image":{"@id":"https:\/\/kiiky.com\/wealth\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/kiiky.com\/wealth\/#\/schema\/person\/1ebb8c9d0ab0f45d83f2c037db530ac0","name":"victory","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/kiiky.com\/wealth\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3ee86c433831754bd0044d4e72c3e519?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3ee86c433831754bd0044d4e72c3e519?s=96&d=mm&r=g","caption":"victory"},"description":"Victory is an SEO Content Developer, Finance personnel, and a Data Analytics enthusiast. 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Read this piece to the end to gain insight into the gross domestic&hellip;\n","category_list":"<a href=\"https:\/\/kiiky.com\/wealth\/category\/money-management\/\" rel=\"category tag\">Money Management<\/a>","author_info":{"name":"victory","url":"https:\/\/kiiky.com\/wealth\/author\/victory\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",1280,720,false],"thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula-150x150.jpg",150,150,true],"medium":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula-300x169.jpg",300,169,true],"medium_large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula-768x432.jpg",768,432,true],"large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula-1024x576.jpg",1024,576,true],"1536x1536":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",1280,720,false],"2048x2048":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",1280,720,false],"pk-small":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",80,45,false],"pk-thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",300,169,false],"csco-small":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",80,45,false],"csco-intermediate":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",200,113,false],"csco-thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",380,214,false],"csco-thumbnail-alternative":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",300,169,false],"csco-thumbnail-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",380,214,false],"csco-medium":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",800,450,false],"csco-medium-alternative":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",560,315,false],"csco-medium-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",800,450,false],"csco-large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",1160,653,false],"csco-large-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",1160,653,false],"csco-extra-large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2020\/12\/Real-GDP-Formula.jpg",1280,720,false]},"post_excerpt_stackable_v2":"Regarding politics, GDP is highly debated yet poorly understood by so many. GDP means different things to different individuals in society. To economists, it is the size of an economy, while GDP is an economic growth strategy to politicians. These definitions and others reflect superficially what GDP means, especially to the layman. With this ineptitude explanation of GDP, calculating GDP becomes an issue. This article compiles all you need to know about GDP. It explains GDP, the Real GDP formula, and how to calculate It in 2023. 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