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Calculating real vs nominal GDP. Nominal GDP = â ptqt. where p refers to price, q is quantity, and t indicates the year in question (usually the current year). However, it can be misleading to do an apples-to-apples comparison of a GDP of $1 trillion in 2008 with a GDP of $200 billion in 1990.
Confusingly, in the context of inflation, 'nominal' has a different meaning. A nominal rate can mean a rate before adjusting for inflation, and a real rate is a constant-prices rate. The Fisher equation is used to convert between real and nominal rates.