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The idea
GDP measures production of final goods and services within an economy. Real GDP removes the effect of price changes. GDPC1 here is a quarterly level in billions of chained 2017 dollars at a seasonally adjusted annual rate; it is not the quarterly growth percentage.
Illustrative example
In a simple illustration, producing the same goods at higher prices raises nominal output without necessarily raising real output.
Limits
GDP is revised and is not a complete measure of well-being or how income is distributed. Annualised levels must not be read as growth rates.