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UNIVERSITY OF THE PHILIPPINES
Extension Program in Pampanga
Clarkfield, Pampanga
Nominal GDP
(1991-2012)
Submitted by:
Nikko Dave C. Cayanan
Frenz Daniel David
Submitted to:
Prof. Milagros P. Pangan
November 15, 2013
I. Definition of Gross Domestic Product (GDP)
American Definition (Mankiw, Principles of Economics):
The Gross Domestic Product (GDP) is the total market value of final goods and
services produced within the terrestrial boundaries of an economy over a specified
time period, usually a year. In its simplest terms, GDP is the value of goods and
services made in the Philippines.
Philippine Definition:
Nominal Gross Domestic Product is GDP evaluated at current market prices.
Therefore, nominal GDP will include all of the changes in market prices that have
occurred during the current year due to inflation or deflation.
Gross Domestic Product refers to the value of all goods and services produced
domestically; the sum of gross value added of all resident institutional units engaged
in production (plus any taxes, and minus any subsidies, on products not included in
the values of their outputs).
