Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year. Real GDP is expressed in base-year prices.

called the "base year." GDP is an important statistic that indicates whether an economy is growing or contracting. In the U.S., the government releases an annualized GDP estimate for every ...

When this number is tracked from year to year, it is seen as an important ... by their base-year prices, and the products are summed for all goods and services to get the real GDP for each year.

The foreign balance of trade is an especially important ... economy's real GDP. By adjusting the output in any given year for the price levels that prevailed in a reference year, called the base ...