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Nominal GDP. The nominal GDP is the value of all the final goods and services that an economy produced during a given year. It is calculated by using the prices that are current in the year in which the output is produced . In economics, a nominal value is expressed in monetary terms. For example, a nominal value can change due to shifts in quantity and price. The nominal GDP takes into account all of the changes that occurred for all goods and services produced during a given year.
Click here for a PDF. But if you waited one trillion seconds, itâd take 31,688 years. Thank about $1 trillion in terms of Gross Domestic Product, or GDP. GDP is a measurement of the value of all goods and services produced in a country in any one year.$1 trillionâ looks a lot like â$1 billionâ which looks a lot like â$1 millionâ. And hey, $1 million is nothing to scoff at. But if $1 million sounds like a lot, consider that $1 trillion is one million one millions.