What does RGDP mean in Unclassified?
This page is about the meanings of the acronym/abbreviation/shorthand RGDP in the Miscellaneous field in general and in the Unclassified terminology in particular.
Real Gross Domestic Product
Submitted by S4Bot on August 25, 2017
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Definition
What does RGDP mean?
- Real gross domestic product
- 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. Although GDP is total output, it is primarily useful because it closely approximates the total spending: the sum of consumer spending, investment made by industry, excess of exports over imports, and government spending. Due to inflation, GDP increases and does not actually reflect the true growth in an economy. That is why the GDP must be divided by the inflation rate (raised to the power of units of time in which the rate is measured) to get the growth of the real GDP. Different organizations use different types of 'Real GDP' measures, for example, the UNCTAD uses 2005 Constant prices and exchange rates while the FRED uses 2009 constant prices and exchange rates, and recently the World Bank switched from 2005 to 2010 constant prices and exchange rates.
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"RGDP." Abbreviations.com. STANDS4 LLC, 2024. Web. 24 Apr. 2024. <https://www.abbreviations.com/term/1937428>.
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