Gross Domestic Product (GDP) is a measure of a nation’s economic progress and standard of living. It calculates the total value of all the goods and services in the country, adjusting for inflation. This way, we can accurately compare the economic progress of different countries, even if prices have changed. When GDP is adjusted for inflation, it will be defined as Constant GDP or Real-GDP.
Inflation happens when the cost of a specific good or service increases. This increase can be due to either an increase in demand or an increase in the nation’s money supply. When we exclude inflation from GDP comparisons, we get a more accurate picture of a country’s economic performance. When GDP includes inflation, it will be defined as Nominal GDP or Current Dollar-GDP.
In this section, the Global GDP World Map uses Constant GDP or Real-GDP because we want to compare individual countries over time. The other reports use Nominal GDP or Current Dollar-GDP.