Real GDP Output

Definition

Real GDP output refers to the total value of all goods and services produced within an economy, adjusted for inflation. It measures the actual output of an economy over a specific period.

Related terms

Nominal GDP: Nominal GDP is the total value of all goods and services produced within an economy without adjusting for inflation.

Aggregate Demand: Aggregate demand represents the total amount of goods and services that consumers, businesses, government, and foreigners are willing to purchase at different price levels.

Economic Growth: Economic growth refers to an increase in real GDP over time. It indicates that an economy is expanding and producing more goods and services.