Constant series are used to measure the true growth of a series, i.e. adjusting for the effects of price inflation. For example (using year one as the base year), suppose nominal Gross Domestic Product (GDP) rises from 100 billion to 110 billion, and inflation is about 4%.
Also asked, what is current US GDP?
What is GDP constant prices and current prices?
Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices, and is often referred to as "constant-price," "inflation-corrected" GDP or "constant dollar GDP."
What is the difference between nominal and real GDP?
GDP stands for gross domestic product and is the measure of the total economic output of the goods and services of a country. Real GDP is equal to the economic output adjusted for the effects of inflation. Nominal GDP is economic output without the inflation adjustment.