Looking only at nominal GDP, the economy appears to have grown by 50% over the 10 years. But the real GDP expressed in 2010 ...

For example, Congress could pass legislation ... US dollars in the United States. Real GDP is nominal GDP divided by the GDP price deflator in a base year.” Scott Baier, PhD: “Real GDP is ...

For example, if prices rose by 5% since the base year, then the deflator would be 1.05. Nominal GDP is divided by this deflator, yielding real GDP. Nominal GDP is usually higher than real GDP ...