The GDP deflator of Australia attained a value of 103.50 % in 2023
The indicator recorded a historical change (bps difference) of 1,274 bps between 2020 to 2023, and is expected to grow by...
GlobalData projects the figure to change by 878 bps between 2024 and 2028, reaching...
GDP Deflator
The GDP deflator is a measure of change in prices of final goods and services domestically produced in the economy. The GDP deflator is calculated as a ratio of nominal GDP to real GDP times 100. Nominal GDP values the production of goods at current prices whereas Real GDP values the production of goods at constant prices of a particular year. GDP deflator = (nominal GDP/real GDP) *100.
Global Outlook on GDP Deflator
The global average GDP Deflator in 2021 was 112.3%. Despite significant fluctuations in recent years, the world GDP deflator generally decreased from 1972 to 2021. As per GlobalData estimates Yemen is the top country by GDP deflator in the world as of 2021. The GDP deflator in Yemen was 346.5 %, the top 5 countries also include Samoa, Iran, Djibouti, and Sao Tome and Principe. In 2021, the US had the most significant real GDP with a value of $18.6 trillion, followed by China. Japan ranked third globally in real GDP during the same period with $6 trillion. Other top economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion.
GDP Deflator of Australia
The GDP Deflator of Australia in 2021 was 98.1%, an increase of 10.1% over the previous year. Between 2018-2021, the GDP deflator in Australia was highest in the year 2021 and lowest in the year 2019. Australia’s GDP Deflator increased by 7.0% between 2018 to 2021.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality from COVID-19.
Russia-Ukraine war:
A prolonged conflict between Russia and Ukraine will continue to affect global economic growth. Investment and trade have been adversely affected due to the war as economic sanctions have been imposed on Russia, and several big companies have stopped their operations in the country.
Rising Inflation and Interest Rates:
The inflation rate in developing and advanced economies have been rising, causing central banks to tighten monetary policy and raise interest rates to control price rises. Inflation is projected at 5.7% in advanced economies and 8.7% in emerging market and developing economies—1.8% and 2.8% points higher than that projected in January 2022, according to IMF.
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