National Accounts: National Accounts Deflators: Gross Domestic Product: GDP Deflator for Ireland
Annual
IRLGDPDEFAISMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
112.58
Year-over-Year Change
27.84%
Date Range
1/1/1997 - 1/1/2022
Summary
The Annual GDP Deflator measures the rate of change in the overall price level of goods and services in the economy. It is a key indicator of inflation and a critical metric for policymakers and analysts assessing economic performance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Annual GDP Deflator, also known as the Implicit Price Deflator, is a broad measure of the price change in the domestic economy. It captures price movements across all components of GDP, including consumption, investment, government spending, and net exports.
Methodology
The GDP Deflator is calculated by dividing nominal GDP by real GDP and multiplying by 100.
Historical Context
The GDP Deflator is used by the Federal Reserve and other policymakers to track and manage inflation, and by economists to analyze economic trends and provide policy recommendations.
Key Facts
- The GDP Deflator is a broader measure of inflation than the Consumer Price Index (CPI).
- The GDP Deflator has been above 2% for much of the past decade, indicating moderate inflationary pressure.
- A rising GDP Deflator can signal the need for tighter monetary policy to curb inflation.
FAQs
Q: What does this economic trend measure?
A: The Annual GDP Deflator measures the overall rate of change in prices for all goods and services produced in the domestic economy.
Q: Why is this trend relevant for users or analysts?
A: The GDP Deflator is a critical indicator of inflationary pressures and a key metric used by policymakers and economists to assess economic performance and guide policy decisions.
Q: How is this data collected or calculated?
A: The GDP Deflator is calculated by dividing nominal GDP by real GDP and multiplying by 100.
Q: How is this trend used in economic policy?
A: The GDP Deflator is used by the Federal Reserve and other policymakers to track and manage inflation, and by economists to analyze economic trends and provide policy recommendations.
Q: Are there update delays or limitations?
A: The GDP Deflator data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of 2-3 months.
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Citation
U.S. Federal Reserve, Annual GDP Deflator (IRLGDPDEFAISMEI), retrieved from FRED.