What is GDP Deflator?

The GDP deflator is a crucial economic indicator used to measure inflation by adjusting nominal GDP for price changes, offering a clearer picture of real economic growth. Unlike other inflation metrics like the CPI or WPI, the GDP deflator accounts for changes in the types of goods produced, providing a more comprehensive understanding of inflation across the entire economy. In this video, we break down how the GDP deflator works, how it is calculated, and why it's essential for distinguishing between actual output growth and price changes.

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