GDP deflator (base year varies by country)
Definition: The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency. The base year varies by country.
Description: The map below shows how GDP deflator (base year varies by country) varies by country. The shade of the country corresponds to the magnitude of the indicator. The darker the shade, the higher the value. The country with the highest value in the world is Venezuela, with a value of 511,965.80. The country with the lowest value in the world is Qatar, with a value of 84.85.
Source: World Bank national accounts data, and OECD National Accounts data files.
Statistical Concept and Methodology: Inflation is measured by the rate of increase in a price index, but actual price change can be negative. The index used depends on the prices being examined. The GDP deflator reflects price changes for total GDP. The most general measure of the overall price level, it accounts for changes in government consumption, capital formation (including inventory appreciation), international trade, and the main component, household final consumption expenditure. The GDP deflator is usually derived implicitly as the ratio of current to constant price GDP - or a Paasche index. It is defective as a general measure of inflation for policy use because of long lags in deriving estimates and because it is often an annual measure.
Base Period: varies by country