Examlex
What is "Globish"?
GDP Deflator
A measure of the price level for all new, domestically produced, final goods and services in an economy, used to convert nominal GDP into real GDP.
Base Year
A specific year against which economic growth or other economic variables are measured.
Nominal GDP
The market value of all final goods and services produced within a country in a given period, measured using current prices without adjustment for inflation.
Real GDP
An assessment of a country's economic production that is corrected for price fluctuations due to inflation or deflation, demonstrating the actual volume of goods and services created.
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