Definition of Nominal GDP:
The determination of actual gross domestic product without taking into account other factors or variables such as inflation.
How to use Nominal GDP in a sentence?
- When you want to try and find out what your product is currently worth knowing the nominal GDP will give you a good answer.
- Considering the value of all of the goods and services produced within that country, it has a great nominal GDP but its GDP is very poor due to inflation there.
- The nominal GDP carries great weight in countries who are not experiencing hyperinflation such as the USA, China, and the EU.
Meaning of Nominal GDP & Nominal GDP Definition