Real GDP

Definition

Real GDP refers to the total value of all goods and services produced within a country's borders, adjusted for inflation. It measures the economic output of a nation over a specific period.

Related terms

Nominal GDP: Nominal GDP is the total value of all goods and services produced within a country's borders, without adjusting for inflation.

Economic growth: Economic growth refers to an increase in real GDP over time. It indicates that an economy is expanding and becoming more productive.

Business cycle: The business cycle represents the fluctuations in economic activity, including periods of expansion (economic growth) and contraction (recession). It reflects changes in real GDP.