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). This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output.
Read more about Real Gross Domestic Product: Relationship With Nominal GDP, Relationship With Purchasing Power
Famous quotes containing the words real, gross, domestic and/or product:
“Pretension may sit still, but cannot act. Pretension never feigned an act of real greatness. Pretension never wrote an Iliad, nor drove back Xerxes, nor christianized the world, nor abolished slavery.”
—Ralph Waldo Emerson (1803–1882)
“Hunger is never delicate; they who are seldom gorged to the full with praise may be safely fed with gross compliments, for the appetite must be satisfied before it is disgusted.”
—Samuel Johnson (1709–1784)
“We all have—to put it as nicely as I can—our lower centres and our higher centres. Our lower centres act: they act with terrible power that sometimes destroys us; but they don’t talk.... Since the war the lower centres have become vocal. And the effect is that of an earthquake. For they speak truths that have never been spoken before—truths that the makers of our domestic institutions have tried to ignore.”
—George Bernard Shaw (1856–1950)
“Out of the thousand writers huffing and puffing through movieland there are scarcely fifty men and women of wit or talent. The rest of the fraternity is deadwood. Yet, in a curious way, there is not much difference between the product of a good writer and a bad one. They both have to toe the same mark.”
—Ben Hecht (1893–1964)