Washington's gross Domestic product ( gdp is $10 trillion while its actual GDP is $4 trillion in 2008. In 2008, Washington's GDP deflator was $10 trillion.
A deflator is a number that represents how much a product's or a group of products' prices have changed over time. It is used to "deflate" (value adjust) a measure representing value changes over the same time period, such as sales of the product or group, to leave only changes in value.
This implicit price deflator, commonly referred to as the GDP deflator, is used to calculate inflation. It is used to estimate the prices at which newly generated, domestically produced finished goods and services will be sold in a nation over the course of a year.
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