Definition:Real GDP, also known as inflation-adjusted gross domestic product, measures the value of finished goods and services at constant base-year prices. The real gross domestic product is adjusted for inflation or deflation with the use ofnominal GDPand the GDP deflator. What Does Real GDP ...
Gross Domestic Product (GDP) Gross Domestic Product (GDP) definition in economics is the sum of all goods and services produced and consumed within a country's borders. GDP is the most general way to measure a country's economic growth. GDP can be calculated using various methods such as ...
Real gross domestic product (GDP) is a measurement of economic output that accounts for the effects of inflation or deflation. It provides a more realistic assessment of growth thannominal GDP. Without real GDP, it could seem like a country is producing more when it's only that prices have ...
gdp abbreviation for (Economics) gross domestic product Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014 GDP gross domestic product. ...
Definition of Real GDP Real Gross domestic product is the GDP in which inflation is adjusted, or it is also referred to as GDP at Constant Price or base price. To find the GDP, it is important to fix the base year (most of the time, analyst prefers the previous year as the base yea...
U.S. Real GDP Growth Rate by Year Compared to Inflation and Unemployment 9 of 9 Related Articles What Is Racketeering? What Is the Production Possibilities Curve in Economics? Gross National Product (GNP): Definition and Formula U.S. GDP by Year, Compared to Recessions and Events Compo...
Nominal Gross Domestic Product or nominal GDP is the Value of GDP calculated as per the current market prices. So, nominal meaning it will contain all the changes in market prices owing to inflation and depletion for the current year. So, it represents the current market value of goods and ...
The definition of real GDP per capita is the per-person share of an economies production in terms of inflation adjusted prices. What is the formula for calculating GDP per capita? The formula for calculating GDP per capita is an economy's GDP divided by its population. Hence, GDP/Population...
1. Describing a variable that takesinflationinto account. For example, when consideringGDPgrowth, if GDP has grown 10% in dollar terms, and the inflation rate is 3%, real GDP growth is only 7%. See also:Nominal. 2. See:Tangible.
economic science,economics,political economy- the branch of social science that deals with the production and distribution and consumption of goods and services and their management nominal- of, relating to, or characteristic of an amount that is not adjusted for inflation; "the nominal GDP"; "nom...