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

The difference between GDP and GNP deflator and GDP deflator nominal GDP lies in the concepts they measure 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 period, regardless of the nationality of the factors of production involved. It focuses on the production that occurs within the country's territory.

Gross National Product (GNP) deflator, on the other hand, measures the average price change of all goods and services produced by the residents of a country, regardless of where the production takes place. It includes the income earned by the country's residents from abroad and excludes the income earned by foreigners within the country.

GDP deflator nominal GDP is a measure that compares the current price level of all final goods and services produced within a country to the price level of a base year. It is used to calculate the real GDP, which adjusts for inflation and allows for a more accurate comparison of economic output over time.

In summary, GDP measures the value of production within a country's borders, GNP deflator measures the average price change of goods and services produced by a country's residents, and GDP deflator nominal GDP compares the current price level to a base year to calculate real GDP.