Through all of the panics and wars and industrialization and social changes, the economy grew in real terms an average of 3.9% a year.

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The slowdown appears to have persisted in the first three months of this year, when retail sales grew in real terms by just 0.3%.

ECONOMIST: Economic outlook

The German economy in 2011 grew by 3% in real terms, while the private sector grew a more modest 1.5%.

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So, after two tight years in which spending scarcely grew at all in real terms, the Treasury will provide a timely boost to the economy.

ECONOMIST: The economy

Last year, America's broad money supply grew at its fastest in real terms for a quarter-century.

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Colombia's economy grew 3.5% in real terms in 2003, the biggest increase since 1995.

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In the third quarter GDP grew at a quarterly rate of 1.2% in real terms, the fastest growth in the G7, but in nominal terms, as a result of the pernicious effects of deflation, it fell by 0.1%.

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Last year imports grew almost four times as fast as exports in real terms.

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His reasoning: the rich have fared spectacularly well over the past quarter century incomes of the top 1 percent tripled in real terms while incomes grew slowly or not at all for those further down the income scale.

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