What is the difference between GDP and GNP deflator GDP deflator inflation rate?

The difference between GDP and GNP deflator GDP deflator inflation rate lies in the measures they represent and the specific aspects of the economy they focus on.

Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country's borders during a specific time period. It reflects the economic activity within a country, regardless of whether the production is done by domestic or foreign entities.

Gross National Product (GNP) is a measure of the total value of all goods and services produced by the residents of a country, regardless of their location, during a specific time period. It includes the production by both domestic and foreign entities owned by residents of the country.

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 the nominal GDP for inflation and obtain the real GDP, which reflects changes in output only.

The GDP deflator inflation rate, on the other hand, represents the percentage change in the GDP deflator from one period to another. It indicates the rate at which prices of goods and services included in GDP are increasing or decreasing over time.

In summary, GDP measures the total value of production within a country's borders, while GNP measures the total value of production by residents of a country. The GDP deflator is a price index that adjusts GDP for inflation, and the GDP deflator inflation rate represents the rate of change in prices included in GDP.