How Nominal GDP calculated

The general formula for Nominal GDP is:

$$\text{Nominal GDP} = \sum_{i=1}^{n} (P_{i, \text{current}} \times Q_{i, \text{current}})$$

Where:

• $P_{i, \text{current}}$ is the current market price of good $i$.
• $Q_{i, \text{current}}$ is the quantity of good $i$ produced in the current period.
• $n$ is the total number of final goods and services.

So, the calculation is:

$$\boxed{\mathbf{\text{Nominal GDP} = \text{Sum of (Current Price} \times \text{Current Quantity) for all goods and services}}}$$