GDP deflator (GDP平减指数 píng jiǎn zhǐshù) measures the change in the price level of all goods and services that are produced in a country. In other words, it shows the effect of inflation on the gross domestic product.
- GDP is the abbreviation of gross domestic product (国内生产总值 guónèi shēngchǎn zǒng zhí).
- 平 (píng)as in average (平均 píngjūn) or fair (公平 gōngpíng).
- 减 (jiǎn) as in reduce (减少 jiǎnshǎo) or subtract (减去 jiǎn qù).
- 指数 (zhǐshù) as in an index (指数 zhǐshù).