Constant prices tell us that the data has been inflation adjusted.
Economic Cycle
Variations in the annual rate of growth of real national output (GDP) over time.
Economic development
Long run improvements in broad measures of income per capita, education and health outcomes and reductions in extreme poverty, hardship and inequality.
Economic growth
An increase in the real value of goods and services produced as measured by the annual % change in real GDP. Also, a long-run increase in a country’s productive capacity.
Economic stability
When growth, prices and unemployment do not change much from one year to another.
Full capacity output
Level of GDP where all available factor inputs are fully employed.
GNI
Income generated from resources owned by inhabitants and businesses of a country.
Gross Domestic Product (GDP)
Total monetary value of output, spending and factor incomes generated within the geographical boundaries of a country in a given time period.
Macroeconomic performance
The overall performance measured by changes in output, investment, prices, jobs, trade and living standards and also the distribution of income
and wealth.
National income
The total income earned by all factors of production in an economy in a given time frame.
Nominal GDP
Monetary value of all goods and services produced expressed at current prices (i.e. unadjusted for the effects of inflation).
Nominal income
The level of income in a given time period (e.g. a year) which is unadjusted for the effects of inflation, also known as money income.
