Value of a dollar without adjusting for the effect of inflation. This term frequently is used in economic discussions and in monthly economic reports that refer to the dollar at today’s price. For example, gross domestic product (GDP) data for the most recent quarter may show a 2.5 percent growth rate, which is the actual rate quoted in current dollar terms. In contrast, constant dollars have been adjusted for inflation. A constant dollar GDP growth rate with a base year of 1995 may show a 2.0 percent growth instead of the 2.5 percent current-dollar rate.