Use the formula: Nominal GDP = Quantity of final goods and services × Current market price
Add up the market value of all final goods and services produced within a country in a given period
Use current-year prices, not base-year prices
Sum consumption, investment, government spending, and net exports at current prices
Collect price and output data for all final goods and services
Multiply each good or service’s quantity by its current price
Add all resulting values to get nominal GDP