Real Gross Domestic Product, GDP Per Capita, And Limitations Of GDP As A Measure Of Welfare

Real Gross Domestic Product and GDP per capitaReal Gross Domestic Product is a measure of aggregate output in an economy that is adjusted for inflation or deflation (Agénor and Montiel 2015). Gross Domestic Product represents the market value goods and services produced within the economy. GDP is computed using either current market price or market price of a fixed base year. GDP obtained using market price of fixed base year is called re…