Nominal GDP
The value of everything a country produced over a period, measured in the prices of that same period.
How to read the number
It rises both when output genuinely grew and when prices simply went up. Only a comparison with real GDP separates the two, and the gap between them is the deflator.
When the metric lies
The first estimate arrives a quarter late and is then revised — occasionally far enough that the direction of the change flips.
Also known as: nominal output