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 Spring Statement).

Outturn data are the Quarterly National Accounts figures from the ONS, 31 March 2022.

Forecasts covering periods 2021-22 to 2026-27 (2022 to 2026) are from the OBR as at the Spring Statement 23 March 2022.

GDP deflators for financial years 1955-56 to 2020-21 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2021 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 30 June 2022 Quarterly National Accounts release from the ONS.

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 Spring Statement).

Outturn data are the Quarterly National Accounts figures from the ONS, 30 June 2020.

GDP deflators for financial years 1955-56 to 2019-20 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2019 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.

Forecasts covering periods 2020-21 to 2024-25 (2020 to 2024) are from the OBR as at the Budget 11 March 2020.

The next GDP deflator update will be shortly after the ONS Quarterly National Accounts release of 30 September 2020.

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 Spring Statement).

Outturn data are the Quarterly National Accounts figures from the ONS, 30 September 2019.

GDP deflators for financial years 1955-56 to 2018-19 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2018 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.

Forecasts covering periods 2019-20 to 2023-24 (2019 to 2023) are from the OBR as at the Spring Statement 13 March 2019.

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 Spring Statement).

Outturn data are the Quarterly National Accounts figures from the ONS, 28 June 2019. GDP deflators from 1955-56 to 2018-19 have been taken directly from fiscal period ONS series L8GG. GDP deflators from 1955 to 2018 have been taken from calendar period ONS series MNF2. Non-seasonally adjusted money GDP for calendar and fiscal periods are taken from ONS series BKTL. For fiscal periods only, seasonally adjusted money GDP series YBHA has also been included.

Forecasts covering periods 2019-20 to 2023-24 (2019 to 2023) are from the OBR as at the Spring Statement 13 March 2019.

The next GDP deflator update will be shortly after the ONS Quarterly National Accounts release scheduled for 30 September 2019.

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 Spring Statement). Forecasts covering periods 2019-20 to 2024-25 (2020 to 2024) are from the OBR as at the Budget 11 March 2020.

Outturn data are the First Quarterly Estimate of GDP figures from the ONS, 11 February 2020. GDP deflators for financial years 1955-56 to 2018-19 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2019 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 2020.

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).

The GDP deflator set is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts.

Outturn data are the latest Quarterly National Accounts figures from the ONS, 23 December 2015. GDP deflators from 1955-56 to 2014-15 have been taken directly from fiscal period ONS series L8GG. GDP deflators from 1955 to 2014 have been taken from calendar period ONS series MNF2.

Non-seasonally adjusted money GDP for calendar and fiscal periods are taken from ONS series BKTL. For fiscal periods only, seasonally adjusted money GDP series YBHA has also been included.

Forecasts are from the OBR as at the Autumn Statement 25 November 2015.

The next scheduled GDP deflator update will be shortly after Budget 2016 scheduled for 16 March 2016.

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). The GDP deflator dataset is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts.

Outturn data are Quarterly National Accounts figures from the ONS, 21 December 2018. GDP deflators from 1955-56 to 2017-18 have been taken directly from fiscal period ONS series L8GG. GDP deflators from 1955 to 2017 have been taken from calendar period ONS series MNF2. Non-seasonally adjusted money GDP for calendar and fiscal periods are taken from ONS series BKTL. For fiscal periods only, seasonally adjusted money GDP series YBHA has also been included.

Forecasts covering periods 2018-19 to 2023-24 (2018 to 2023) are from the OBR as at the budget 29 October 2018.

The next GDP deflator update will be shortly after the Spring Statement 2019.

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 Spring Statement).

Outturn data are the Quarterly National Accounts figures from the ONS, 30 June 2022.

Forecasts covering periods 2022-23 to 2026-27 (2022 to 2026) are from the OBR as at the Spring Statement 23 March 2022.

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 2021 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 Autumn Statement 23 November 2022.

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). The GDP deflator set is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts (usually twice a year).

Outturn data are the latest Quarterly National Accounts figures from the ONS, 23 December 2014. GDP deflators from 1955-56 to 2013-14 have been taken directly from fiscal period ONS series L8GG. GDP deflators from 1955 to 2013 have been taken from calendar period ONS series MNF2.

Forecasts are from the OBR as at the 3 December 2014 Autumn Statement. The next GDP deflator update will be shortly after the Budget which is due on 18 March 2014.

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). The GDP deflator dataset is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts.

Outturn data are Quarterly National Accounts figures from the ONS, 29 June 2018. GDP deflators from 1955-56 to 2017-18 have been taken directly from fiscal period ONS series L8GG. GDP deflators from 1955 to 2017 have been taken from calendar period ONS series MNF2. Non-seasonally adjusted money GDP for calendar and fiscal periods are taken from ONS series BKTL. For fiscal periods only, seasonally adjusted money GDP series YBHA has also been included.

Forecasts covering periods 2018-19 to 2022-23 (2018 to 2022) are from the OBR as at the Spring Statement 13 March 2018.

The next GDP deflator update will be shortly after the Quarterly National Accounts of 28 September 2018.

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 Spring Statement).

Outturn data are the Quarterly National Accounts figures from the ONS, 30 September 2021.

GDP deflators for financial years 1955-56 to 2020-21 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2020 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.

Forecasts covering periods 2021-22 to 2025-26 (2021 to 2025) are from the OBR as at the Budget 3 March 2021.

The next GDP deflator update will be shortly after the Autumn Budget and Spending Review of 27 October 2021.

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). The GDP deflator set is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts.

Outturn data are the latest Quarterly National Accounts figures from the ONS, 30 June 2016. GDP deflators from 1955-56 to 2015-16 have been taken directly from fiscal period ONS series L8GG. GDP deflators from 1955 to 2015 have been taken from calendar period ONS series MNF2. Non-seasonally adjusted money GDP for calendar and fiscal periods are taken from ONS series BKTL. For fiscal periods only, seasonally adjusted money GDP series YBHA has also been included.

Forecasts are from the OBR as at the Budget of 16 March 2016.

The next scheduled GDP deflator update will be shortly after the ONS Quarterly National Accounts release scheduled for 30 September 2016.

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 2022-23 (1955 to 2022) are based on the Quarterly National Accounts from the ONS, 22 December 2023.

Forecasts covering periods 2023-24 to 2028-29 (2023 to 2028) are from the OBR as at the Autumn Statement 22 November 2023.

GDP deflators for financial years 1955-56 to 2022-23 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 Budget of 6 March 2024.

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.

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 2022-23 (1955 to 2023) are based on the Quarterly National Accounts, 28 March 2024.

Forecasts covering periods 2023-24 to 2028-29 (2024 to 2028) are from the OBR as at the Spring Budget 6 March 2024.

GDP deflators for financial years 1955-56 to 2022-23 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2023 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 28 June 2024 Quarterly National Accounts release from the ONS.

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). The GDP deflator set is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts (usually twice a year).

Outturn data are the latest Quarterly National Accounts figures from the ONS, 20 December 2013. GDP deflators from 1955-56 to 2012-13 (1955 to 2012) have been taken directly from ONS Quarterly National Accounts implied deflator at market prices series http://www.ons.gov.uk/ons/datasets-and-tables/data-selector.html?cdid=L8GG&dataset=qna&table-id=N" class="govuk-link">L8GG.

Forecast data are consistent with the Autumn Statement, 05 December 2013.

Gross Domestic Product (GDP) deflators: a user’s guide

The detail below aims to provide background information on the GDP deflator series and the concepts and methods underlying it.

GDP deflators can be used by anyone who has an interest in deflating current price nominal data into a “real terms” prices basis. This guide has been written with casual as well as professional users of the data in mind, using language and concepts aimed at as wide an audience as possible.

Overview of GDP deflator series

What is the GDP deflator?

The GDP deflator can be viewed as a measure of general inflation in the domestic economy. Inflation can be described as a measure of price changes over time. The deflator is usually expressed in terms of an index, i.e. a time series of index numbers. Percentage changes on the previous year are also shown. The GDP deflator reflects movements of hundreds of separate deflators for the individual expenditure components of GDP. These components include expenditure on such items as bread, investment in computers, imports of aircraft, and exports of consultancy services.

Uses of the GDP deflator series

The series allows for the effects of changes in price (inflation) to be removed from a time series, i.e. it allows the change in the volume of goods and services to be measured. The resultant series can be used to express a given time series or data set in real terms, i.e. by removing price changes.

Where do the figures come from?

A series for the GDP deflator in index form is produced by the Treasury from data provided by the Office for National Statistics (ONS). Forecasts are produced by the Office for Budgetary Responsibility (OBR) and are usually updated around the time of major policy announcements, namely; the Chancellor’s Autumn Statement, and the Budget.

Rounding Convention

GDP deflators for earlier years (up to and including the most recent year for which full quarterly data have been published) are presented to 3 decimal places. The index for future years has been removed as the forecasts were not as accurate as this detail would suggest. Percentage year-on-year changes are given to two decimal places for earlier years, forecast years are presented to 1 decimal place as published in the Autumn Statement and the Budget.

Updates

• updates to earlier years (up to and including the most recent year for which full quarterly data have been published) shortly after the ONS Quarterly National Accounts release
• when the OBR updates its forecasts, shortly after the Budget and again after the Chancellor’s Autumn statement

Background information on GDP and GDP deflator

What is GDP?

Gross Domestic Product (GDP) is a measure of the total domestic economic activity. It is the sum of all incomes earned by the production of goods and services within the UK economic territory. It is worth noting that where the earner of the income resides is irrelevant, so long as the goods or services themselves are produced within the UK. GDP is equivalent to the value added to the economy by this activity. Value added can be defined as income

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 2024-25 (1955 to 2024) are based on the Quarterly National Accounts, 30 June 2025.

Forecasts covering periods 2025-26 to 2029-30 (2025 to 2029) are from the OBR as at the Spring Statement 26 March 2025.

GDP deflators for financial years 1955-56 to 2024-25 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2024 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 scheduled for 30 September 2025.

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). The GDP deflator set is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts (usually twice a year).

Outturn data are the latest Quarterly National Accounts figures from the ONS, 20 December 2013. GDP deflators from 1955-56 to 2012-13 (1955 to 2012) have been taken directly from ONS Quarterly National Accounts implied deflator at market prices series http://www.ons.gov.uk/ons/datasets-and-tables/data-selector.html?cdid=L8GG&dataset=qna&table-id=N" class="govuk-link">L8GG.

Forecasts are consistent with data produced by the OBR for the 19 March 2014 Budget.

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). The GDP deflator set is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts.

Outturn data are the latest Quarterly National Accounts figures from the ONS, 30 June 2017. GDP deflators from 1955-56 to 2016-17 have been taken directly from fiscal period ONS series L8GG. GDP deflators from 1955 to 2016 have been taken from calendar period ONS series MNF2. Non-seasonally adjusted money GDP for calendar and fiscal periods are taken from ONS series BKTL. For fiscal periods only, seasonally adjusted money GDP series YBHA has also been included.

Forecasts are from the OBR as at the Spring Budget 8 March 2017. The next scheduled GDP deflator update will be shortly after the Quarterly National Accounts scheduled for September 2017.

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). The GDP deflator set is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts.

Forecasts are from the OBR as at the Budget 16 March 2016.

Outturn data are the latest Quarterly National Accounts figures from the ONS, 23 December 2015. GDP deflators from 1955-56 to 2014-15 have been taken directly from fiscal period ONS series L8GG. GDP deflators from 1955 to 2014 have been taken from calendar period ONS series MNF2.

Non-seasonally adjusted money GDP for calendar and fiscal periods are taken from ONS series BKTL. For fiscal periods only, seasonally adjusted money GDP series YBHA has also been included.

The next scheduled GDP deflator update will be shortly after the ONS Quarterly National Accounts release scheduled for 31 March 2016.