GDP deflators at market prices, and money GDP March 2023 (Spring Budget)
This document contains the latest gross domestic product (GDP) deflators. The GDP deflator can be viewed as a measure of general inflation in the domestic economy.
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A series for the GDP deflator in index form is produced by the Treasury from data provided by the Office for National Statistics (ONS) and the Office for Budget Responsibility (OBR). GDP deflator outturn are based on the ONS Quarterly National Accounts release (at the end of each quarter). However, a more recent version of ONS GDP outturn may be used depending on when the OBR updates its GDP deflator forecasts (usually at Budget and Autumn Statement).
Outturn data covering the years 1955-56 to 2021-22 (1955 to 2022) are the First Quarterly Estimate of GDP figures from the ONS, 10 February 2023.
Forecasts covering periods 2022-23 to 2027-28 (2023 to 2027) are from the OBR as at the Spring Budget 15 March 2023.
GDP deflators for financial years 1955-56 to 2021-22 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2022 have been taken from ONS series MNF2. Non-seasonally adjusted money GDP for calendar and financial years are taken from ONS series BKTL. For financial years only, seasonally adjusted money GDP series YBHA has also been included.
The next GDP deflator update will be shortly after the ONS Quarterly National Accounts release of 31 March 2023.