The major difference between Real and Nominal Gross Domestic Products is:
- Nominal GDP has to do with the current prices which are adjusted for inflation
- Real GDP has to do with the economic output for the impact of inflation.
Contrast this with real GDP, which measures a country's economic output adjusted for the impact of inflation.
What is Real Gross Domestic Product?
This refers to the economic term which defines the economic output of a country as it is used to act as a buffer against inflation.
With this in mind, we can see that the main difference between the two is
- Nominal GDP has to do with the current prices which are adjusted for inflation
- Real GDP has to do with the economic output for the impact of inflation.
Read more about GDP here:
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