Depends what material, who you buy it from and which specification / code you use.
So steel pipe supplied to the dimensions in ASME B36.10 NPS of 1/2" would have a fixed OD of 0.840 inches with a varying wall thickness.
Tubing on the other hand could be quite different as would PVC, PE or "hose", all of which could be called NPS 1/2".
In general the ID should be at least 1/2", except for a high pressure hose.
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