In some poor countries real GDP per person was less than $5,000 true .
What is the difference between nominal GDP and real GDP ?
Based on the price of the same-year commodities and services, nominal GDP measures the monetary worth of all things and services produced inside a nation's internal borders. Nominal GDP is the Gross Domestic Product (GDP) that excludes the effects of inflation. A nation's nominal GDP is calculated using current-year pricing for goods and services.
Real GDP measures the monetary worth of all products and services generated within a nation's internal borders using the base year's prices for goods and services. Real GDP is a nation's GDP that has been corrected for inflation. Baseline year prices or constant prices of goods and services are used to express a country's real GDP.
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