Nominal GDP is the total value of all final goods and services produced in a country during a set period, measured using current prices. GDP stands for gross domestic product. “Nominal” means the number has not been adjusted for inflation. For example, if a country produces the same amount of goods this year as last year, but prices rise, nominal GDP may still go up. That increase may not mean the economy produced more. It may simply mean goods and services cost more. This is