raunframleiðslan
Raunframleiðslan refers to the actual output or production of goods and services within an economy over a specific period. It is a measure of the real value of what an economy can produce, adjusted for inflation. Unlike nominal production, which is valued at current prices, raunframleiðslan takes into account changes in the price level, providing a more accurate picture of economic growth or contraction.
This concept is closely linked to the idea of potential output, which represents the maximum sustainable level
Measuring raunframleiðslan is crucial for economic analysis and policymaking. It helps economists and governments understand the