Description
Global Nominal Gross Domestic Product (GDP) in US Dollars is compiled and released by various international organizations, including the International Monetary Fund (IMF) and the World Bank. This indicator measures the total market value of all final goods and services produced within a country during a specific period, calculated using current prices. It is a crucial indicator for assessing the size and performance of the global economy. Higher figures represent a larger and potentially more prosperous economy, while lower figures may indicate economic difficulties.
Nominal GDP is calculated by summing the market value of all final goods and services produced within a country during a specific time period, using current prices. It comprises consumption, investment, government spending, and net exports (exports minus imports).
Global Nominal GDP data is typically updated annually, with preliminary estimates released quarterly by major international organizations.