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Nominal GDP is used to measure the current dollar value of production for the current year. Nominal is the total value for all final goods and services that were produced in the economy a certain period of time, which is usually one year. To avoid double counting with nominal GDP, current prices and current output are only used and final goods and services are included in nominal calculations. Some limitations of GDP are that it doesn't include used products and intermediate goods. GDP also subtracts imports due to them being produce in another country. Between real GDP and nominal, the main difference is that nominal GDP doesn't consider how inflation or deflation affects the price of goods over time. Real GDP involves a calculation of the increase in price that is the consequence of inflation or deflation in the economy. According to , the GDP rate is likely to grow this year but at a slower rate. The pandemic plays a part in the change of GDP rates, which over the last 2 years the stimulus has help boost consumer spending before decreasing.

Chmura , Christine (2022).Economic Impact: GDP to grow in 2022 but at a slower pace.https://richmond.com/business/economic-impact-gdp-to-grow-in-2022-but-at-a-slower-pace/article_a5df1d22-eabe-56a9-925f-183798cbf35e.html