Gross domestic product, or GDP, is the total value of the goods and services produced in a country during a specific period,like a year or quarter. GDP is the broadest financial measurement of a country's total economic activity, and the GDP growth rate is an important indicator of a country's economic performance. It is used as a benchmark for international comparisons and as a broad measure of economic progress.
While nominal GDP is evaluated at current market prices, real GDP is given in constant prices, i.e. the prices are adjusted for inflation. The latter is also referred to as constant-price GDP. Real GDP is arrived at after adjusting for inflation and is