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In economics, the GDP deflator (implicit price deflator for GDP) is a measure of the level of prices of all new, domestically produced, final goods and services in an economy. GDP stands for gross domestic product, the total value of all final goods and services produced within that economy during a specified period. Contents 1 Calculation 1.1 Measurement in national accounts 1.2 United States 1.3 United Kingdom 2 See also 3 References 4 External links 4.1 Data // Calculation Measurement in national accounts In most systems of national accounts the GDP deflator measures the ratio of nominal (or current-price) GDP to the real (or chain volume) measure of GDP. The formula used to calculate the deflator is: Dividing the nominal GDP by the GDP deflator and multiplying it by 100 would then give the figure for real GDP, hence deflating the nominal GDP into a real measure.[1] It is often useful to consider implicit price deflators for certain subcategories of GDP, such as computer hardware. In this case, it is useful to think of the price deflator as the ratio of the current-year price of a good to its price in some base year. The price in the base year is normalized to 100. For example, for computer hardware, we could define a "unit" to be a computer with a specific level of processing power, memory, hard drive space and so on. A price deflator of 200 means that the current-year price of this computing power is twice its base-year price - price inflation. A price deflator of 50 means that the current-year price is half the base year price - price deflation. Unlike some price indexes, the GDP deflator is not based on a fixed basket of goods and services. The basket is allowed to change with people's consumption and investment patterns.[2] (Specifically, for GDP, the "basket" in each year is the set of all goods that were produced domestically, weighted by the market value of the total consumption of each good.) Therefore, new expenditure patterns are allowed to show up in the deflator as people respond to changing prices. The advantage of this approach is that the GDP deflator reflects up to date expenditure patterns. For instance, if the price of chicken increases relative to the price of beef, people would likely spend more money on beef as a substitute for chicken. A fixed market basket measurement would miss this change. In practice, the difference between the deflator and a price index like the Consumer price index (CPI) is often relatively small. On the other hand, with governments in developed countries increasingly utilizing price indexes for everything from fiscal and monetary planning to payments to social program recipients, the even small differences between inflation measures can shift budget revenues and expenses by millions or billions of dollars. United States The GDP and GDP deflator are calculated by the Bureau of Economic Analysis (BEA). United Kingdom The GDP and GDP deflator series are published by the Office for National Statistics.[3] See also Fisher index Etienne Laspeyres Hermann Paasche Chained volume series (of GDP data.) Implicit Price Deflator for Personal Consumption Expenditures (IPD for PCE) Hedonic Index Inflation GDP References ^ "Concepts and Methods of the U.S. National Income and Product Accounts". Bureau of Economic Analysis. 2008-07.  ^ ^ National Statistics Online External links Gross Domestic Product (GDP) deflators: a user's guide Historical U.S. GDP deflator figures from the federal budget (table 10.1) Data OECD GDP deflator data IMF database of country GDP deflators for 1980-2013 GDP-Adv. Compare with CPI