Real GDP adjusts for inflation in measuring an economy's output, while the GDP deflator calculates price inflation by comparing Nominal GDP to Real GDP.
Real GDP is the measure of GDP that includes an adjustment for inflation. It represents the total value of all goods and services produced in an economy, adjusted for changes in price levels. By contrast, nominal GDP does not account for inflation and reflects the current cost of the market basket without adjustments.
The GDP deflator is calculated by dividing Nominal GDP by Real GDP and is used to measure price inflation. It provides a way to assess how much of the changes in GDP are due to price adjustments rather than changes in actual output.
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