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Real gross domestic product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation). [1] This adjustment transforms the money-value measure, nominal GDP , into an index for quantity of total output.
Real variables such as real income and real GDP are variables that are measured in physical units, while nominal variables such as nominal income and nominal GDP are measured in monetary units. Therefore, real income is a more useful indicator of well-being since it measures the amount of goods and services that can be purchased with the income.
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
Gross domestic product (GDP) is a measure of aggregate output. Nominal GDP in a particular period reflects prices that were current at the time, whereas real GDP compensates for inflation. Price indices and the U.S. National Income and Product Accounts are constructed from bundles of commodities and their respective prices.
Gross national income (GNI) equals GDP plus income receipts from the rest of the world minus income payments to the rest of the world. [30] In 1991, the United States switched from using GNP to using GDP as its primary measure of production. [31]
For oil-export-dependent economies, there could be substantial differences between real GDP and real GDI, due the effect of oil price volatility on the purchasing power in those countries. [1] [2] In the United States National Income and product accounts, the word GDI is use to define GDP calculated with income data rather than expenditure data ...
Income disparity and several measures of health Taken at face value, the evidence is convincing. Wilkinson took 23 of the world's most economically developed countries, and compared them on myriad ...
Real GDP per household has typically increased since the year 2000, while real median income per household was below 1999 levels until 2016, indicating a trend of greater income inequality (i.e., the average is more influenced by high income outliers than the median).