Nominal GDP

Nominal GDP,

Definition of Nominal GDP:

  1. 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?

  1. When you want to try and find out what your product is currently worth knowing the nominal GDP will give you a good answer.
  2. 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.
  3. 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