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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.
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. This is because of inflation.