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growth or economic growth An increase in the production of goods and services over a given period. Nominal growth is the increase including changes in prices while real growth is the increase excluding changes in prices. Statisticians and economists have developed a concept called constant dollars so that they can exclude price changes from measures of growth. Constant dollar gross domestic product (GDP) is a measure of growth using the prices of a base year. Changes in constant dollar GDP only capture changes in actual or real production. |
