Share This Article:

Economic Definition of nominal GDP. Defined.

Offline Version: PDF

Term nominal GDP Definition: The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.

 

« nominal | nominal gross domestic product »

Permalink: https://glossary.econguru.com/economic-term/nominal+GDP

Alphabetical Reference to Over 2,000 Economic Terms