What is the difference between GDP and GNP deflator GDP deflator index?

The difference between GDP and GNP deflator GDP deflator index lies in the measures they represent and the variables they consider.

Gross Domestic Product (GDP) is a measure of the total value of all final goods and services produced within a country's borders during a specific time period. It includes both domestic and foreign-owned production within the country.

Gross National Product (GNP), on the other hand, measures the total value of all final goods and services produced by a country's residents, regardless of their location. It includes the income earned by a country's residents from both domestic and foreign sources.

The GDP deflator is a price index that measures the average change in prices of all goods and services included in GDP over time. It is used to adjust nominal GDP for inflation and calculate real GDP, which reflects changes in output only.

The GDP deflator index, on the other hand, is a measure that compares the current GDP deflator to a base year's GDP deflator. It is used to track changes in the overall price level of an economy over time.

In summary, GDP measures the total value of production within a country's borders, GNP measures the total value of production by a country's residents, the GDP deflator measures changes in prices within GDP, and the GDP deflator index tracks changes in the overall price level of an economy.