The total value of all products produced in a nation in a year is measured by both the nominal gross domestic product (GDP) and the real GDP. In contrast to nominal GDP, real GDP is adjusted for inflation. As a result, real GDP nearly always has a little negative difference from its comparable nominal value.
Since real GDP (and real GDP per capita) can be more easily compared to prior data, it often provides a more accurate picture of a country's economic success. Thus, we can determine if a nation actually improves or deteriorates year over year.
GDP measures the monetary worth of all the products and services a nation produces. The difference between nominal and real GDP is that the former excludes increases in prices brought on by inflation.
To learn more about GDP:
https://brainly.com/question/1383956
#SPJ4
