nominal GDP

Definition

The determination of actual gross domestic product without taking into account other factors or variables such as inflation.

Use nominal GDP in a sentence

  • The nominal GDP carries great weight in countries who are not experiencing hyperinflation such as the USA, China, and the EU.

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  • When you want to try and find out what your product is currently worth knowing the nominal GDP will give you a good answer.

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  • Considering the value of all of the goods and services produced within that country, it has a great nominal GDP but its GDP is very poor due to inflation there.

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