To calculate the GDP deflator, we use the following formula:

$\text{GDP Deflator} = \left( \frac{\text{Nominal GDP}}{\text{Real GDP}} \right) \times 100$

Part 3: Calculating the GDP Deflator for 2022

We are given the following values for 2022:

• Nominal GDP = 25,744.1 billion USD
• Real GDP = 21,822.0 billion USD

Now, using the formula:

$\text{GDP Deflator (2022)} = \left( \frac{25,744.1}{21,822.0} \right) \times 100$

Let's calculate that.

$\text{GDP Deflator (2022)} = \left( \frac{25,744.1}{21,822.0} \right) \times 100 \approx 117.99$

Answer:

The GDP deflator for 2022 is 117.99.

Would you like any additional details or further explanation?

5 Related Questions:

1. How does the GDP deflator differ from the Consumer Price Index (CPI)?
2. What are the implications of a rising GDP deflator on the economy?
3. How can nominal GDP grow faster than real GDP?
4. Why is real GDP considered a better measure of economic growth than nominal GDP?
5. What factors contribute to differences between nominal and real GDP?

Tip:

The GDP deflator is a key indicator for understanding inflation within an economy, as it reflects changes in the price level of all goods and services produced.