Real GDP is Gross Domestic Product (GDP) that accounts for inflation or deflation. In other words, it disregards the impact that higher prices have played in economic growth and allows us to compare the quantity of goods produced rather than the value.
Economic measurements are an important part of determining an economies overall strength. There are many measurements which each have a unique feature to help tell a story about the economies overall health.
Gross National Product (GNP) refers to the total value of goods and services where the means of production is owned by domestic residents. It calculates the GDP of the country, plus any income that domestic residents receive on investments abroad, but minus any income foreign residents receive on domestic investments.