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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.
DEFINITION of 'GDP Price Deflator'. An economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP.The GDP deflator shows how much a change in the base year's GDP relies upon changes in the price level.Also known as the GDP implicit price deflator..Next Up.n economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP. The GDP deflator shows how much a change in the base year's GDP relies upon changes in the price level. Also known as the GDP implicit price deflator.. Next Up.