[This is part of the series: The Complete Guide To Economics 101.]
What is real GDP?
Real GDP is the inflation adjusted final value of all good and services produced in an economy over a given time period.
This is where GDP stands for: Gross Domestic Product.
Obviously, this is different than nominal GDP, where prices have not been adjusted to account for inflation.
Many use real GDP as a measure of growth in the economy of a nation or state.
