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Nominal gross domestic product (gdp) is a poor measure of economic growth because it does not consider changes in prices or population growth.
One way to gauge an economy's health and well-being is to look at its gross domestic product. It is the total worth of all things and services produced over a specific time period less the value of those who worked on those goods and services.
Nominal GDP is a measurement of economic output in an economy that takes into account current prices. It does not adjust for inflation or the rate of price increases, which can overstate the growth rate.
The prices that were actually paid for all products and services in that year are the values used to calculate nominal GDP.
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