Yes. Current-dollar GDP measures the market value of goods and services produced, which equates to price times quantity. Real (chained-dollar) GDP is inflation adjusted and, therefore, only measures quantity. It is possible that a small increase in quantity accompanied by a large decline in prices could result in current-dollar GDP declining. Real GDP would increase due to the small increase in quantity. This phenomena of current-dollar GDP declining when real GDP increases most often occurs in the mining sector where there are sometimes large fluctuations in prices.
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