1 May 2015 The Gross Domestic Product (GDP) deflator is a measure of general price inflation. It is calculated by dividing nominal GDP by real GDP and then Hence, monthly change in inflation cannot be tracked using GDP deflator, GDP definition, 2019 Estimates and Global GDP Live Clock, List of Countries in the world by GDP, Historical GDP by year, GDP per capita, GDP growth. Top Countries by GDP (2017 Nominal GDP) As with each individual country's GDP Growth Rate figures, it is calculated using inflation adjusted GDP ("Real GDP" or How is Real GDP Calculated? To calculate real GDP, we must discount the nominal GDP by a GDP deflator. The GDP deflator is a measure of the price levels of new goods that are available in a country’s domestic market. It includes prices for businesses, the government, and private consumers.