Definition: "Real GNP" stands for "Real Gross National Product." It is a measure of the economic performance of a country that has been adjusted to remove the effects of inflation. This means it reflects the actual value of goods and services produced, allowing us to see how the economy is really doing over time.
In advanced discussions, you might encounter terms like "nominal GNP," which refers to the total economic output without adjusting for inflation. Comparing real GNP to nominal GNP can provide insights into how much of the economic growth is due to actual increases in production versus inflation.
While "real GNP" doesn't have specific idioms or phrasal verbs associated with it, understanding economic terms often requires familiarity with phrases like "keep up with inflation," which relates to how prices change over time.
In summary, "real GNP" is an important economic term that helps us understand how well a country's economy is performing by looking at the value of its production after accounting for inflation.