The GDP deflator of Spain attained a value of 99.18 % in 2023
The indicator recorded a historical change (bps difference) of 754 bps between 2020 to 2023, and is expected to grow by...
GlobalData projects the figure to change by 962 bps between 2024 and 2028, reaching...
GDP Deflator
The GDP deflator measures changes in the price of finished products and services that are produced locally. The GDP deflator is calculated by multiplying the nominal GDP to the real GDP ratio by 100. Whereas nominal GDP, values the production of products at current prices, real GDP evaluates the production of goods at the current prices of a certain year. GDP deflator = (nominal GDP/real GDP) *100.
Global Outlook on GDP Deflator
The average deflator for the world's GDP in 2021 was 112.3%. Between 1972 and 2021, the global GDP deflator generally decreased, due to significant recent variations. GlobalData forecasts that Yemen will have the highest GDP deflator in the world in 2021. Samoa, Iran, Djibouti, and Sao Tome and Principe make up the top 5, while Yemen's GDP deflator was 346.5%. The US had the largest real GDP in 2021 with a value of $18.6 trillion, followed by China with a value of $6 trillion real GDP during the same period, and Japan came in third globally. Other top economies include Germany and India, whose real GDPs are $3.8 trillion and $2.9 trillion, respectively.
GDP Deflator of Spain
The GDP Deflator of Spain in 2021 was 97.6%, an increase of 6.9% over the previous year. Between 2018-2021, the GDP deflator in Spain was highest in the year 2021 and lowest in the year 2019. Spain’s GDP Deflator decreased by 6.1% 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 appeared worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has summarized the death from COVID-19.
Russia-Ukraine war:
An extended war between Russia and Ukraine will continue to affect international economic growth. Investment and trade have been negatively affected due to the war as economic sanctions have been imposed on Russia, and several big businesses have stopped their movements in the country.
Rising Inflation and Interest Rates:
The inflation rate in developing and progressive economies have been increasing, causing central banks to constrict monetary policy and increase interest rates to regulate price rises. Inflation is expected at 5.7% in advanced economies and 8.7% in evolving markets and developed economies—1.8% and 2.8% points higher than that predictable in January 2022, according to IMF.
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