nominal gdp (B2)
noun phrase
Pronunciation: ˈnɒmɪnəl dʒiː diː piː
Definition
The total value of all goods and services produced in an economy within a specific period, measured at current market prices without adjusting for inflation.
Examples
Nominal GDP can be misleading if inflation rates are high.
Analysts compare nominal GDP to real GDP to understand the true economic growth.
The government announced that the country's nominal GDP reached $20 trillion this quarter.
How to Use nominal gdp
- nominal GDP (collocation)
- The term used to refer to GDP measured at current prices. — "The country's nominal GDP increased by 7% last year."
- nominal GDP growth (collocation)
- The increase in the total value of goods and services produced, measured at current prices. — "The report showed a strong nominal GDP growth rate."
- nominal GDP per capita (collocation)
- The nominal GDP divided by the total population. — "Nominal GDP per capita can be misleading due to income inequality."
Synonyms of nominal gdp
Words with a similar meaning to nominal gdp:
Antonyms of nominal gdp
Words with the opposite meaning to nominal gdp:
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