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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.
In physical terms, GDP is a huge basket of goods and services that is available for final uses including consumer use, government use, investment use, and foreign use (export). Therefore, the total value of GDP is equal to the total value of final use or final demand.n industry's contribution to GDP is normally measured by that industry's total value-added. It is indeed in that sense that Triplett and Bosworth state that the transportation sector represented 3.3% of GDP in 2001. 12 It is also in this sense that one can talk about logistics' contribution to GDP.