Glossary · Macro · GDP and output

Real GDP

GDP measured at the prices of a fixed base year, so it changes only when the quantity of goods and services changes. It is the number to use for growth, recessions and comparisons over time.

Also called: constant-dollar GDP, inflation-adjusted GDP

Taught in: Nominal vs Real GDP

Related terms

Nominal GDPGDP deflatorEconomic growth

More from gdp and output

Components of GDPGross domestic product (GDP)Human Development Index (HDI)What GDP misses

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