Sum the market value of all final goods and services produced within a country during a specific time period
Use current market prices from that same time period
Apply the formula: Nominal GDP = Quantity of each final good or service × Current price of each good or service, summed across all goods and services
Include only final goods and services, not intermediate goods
Include goods and services produced domestically, regardless of who owns the production factors
Exclude transfer payments, financial transactions, and used goods
Add up spending using the expenditure approach if needed: Nominal GDP = Consumption + Investment + Government spending + Net exports
Ensure all values are measured in the same currency and time period