The GDP deflator of Italy attained a value of 101.17 % in 2023
The indicator recorded a historical change (bps difference) of 442 bps between 2020 to 2023, and is expected to grow by...
GlobalData projects the figure to change by 903 bps between 2024 and 2028, reaching...
GDP Deflator
The GDP deflator measures changes in the cost of locally produced final goods and services. The nominal GDP to real GDP ratio multiplied by 100 is used to calculate the GDP deflator. Real GDP rates the production of goods at current prices of a specific year, as opposed to nominal GDP, which values the production of goods at current prices. GDP deflator = (nominal GDP/real GDP) *100.
Global Outlook on GDP Deflator
In 2021, the average global GDP deflator was 112.3 %. Despite considerable recent variations, the global GDP deflator generally fell between 1972 and 2021. According to forecasts from GlobalData, Yemen will lead the globe in terms of GDP deflator in 2021. Yemen's GDP deflator was 346.5 %; Samoa, Iran, Djibouti, and Sao Tome and Principe round out the top 5. With a value of $18.6 trillion, the US had the largest real GDP in 2021, followed by China with a $6 trillion real GDP during the same period, and Japan came in third place internationally. Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, are two other top economies.
GDP Deflator of Italy
The GDP Deflator of Italy in 2021 was 102.0%, an increase of 5.8% over the previous year. Between 2018-2021, the GDP deflator in Italy was highest in the year 2021 and lowest in the year 2019. Italy’s GDP Deflator increased by 4.2% 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 testified worldwide, resulting in the interruption of supply chain management. However, the global vaccination drive has reduced the death from COVID-19.
Russia-Ukraine war:
An extended conflict between Russia and Ukraine will continue to affect international economic growth. Investment and trade have been unfavorably affected due to the war as economic sanctions have been imposed on Russia, and several big corporations have stopped their exercises 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 progressive economies and 8.7% in evolving market and developed economies—1.8% and 2.8% points higher than that projected in January 2022, according to IMF.
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