Gross domestic product (GDP) is the value of goods and services produced in an economy. When GDP is adjusted for changes in the prices of good and services it is called real GDP. Real GDP is a measure of the physical change in an economy’s production such as the growth in the number of cars produced. Nominal GDP, in contrast, includes both the physical change and the average change in value associated with inflation.
Funded by the Government of Canada’s Sectoral Initiatives Program.
