I previously believed GDP typically refers to nominal and real GDP is specified explicitly. However, in data sources like this, does it refer to Real GDP growth or Nominal GDP growth? Real GDP growth seems to be the more useful figure which makes me reconsider what GDP refers to by default.

Edit: Apologies I originally posted the wrong link. The link is now updated to the world bank data source.

  • $\begingroup$ With reference to the video, this is nominal GDP. It is the figure captured in national accounts. However, as you note, RGDP/RGDP growth is more meaningful economically. $\endgroup$ – EB3112 Nov 25 '20 at 21:08
  • $\begingroup$ Typically, in news reporting, GDP refers to real GDP. $\endgroup$ – Dayne Nov 26 '20 at 2:01
  • $\begingroup$ The answer to this question is going to be opinion-based. But, I used to write/read a lot of market commentary, and “GDP” would typically be real, but it would be best practice to specify which one you are referring to at least once in the beginning of a piece $\endgroup$ – Brian Romanchuk Nov 26 '20 at 13:05
  • $\begingroup$ I unfortunately posted the wrong link, does the new link change any of these comments? $\endgroup$ – curiousgeorge Nov 26 '20 at 18:42

The dataset states "Annual percentage growth rate of GDP per capita based on constant local currency" so it real GDP growth in this case.

GDP can refer to both nominal and real GDP, there is no preferred meaning. You have to read what is written in text/dataset.


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