A deflator is a metric that helps analysts adjust economic data points for inflation by converting values expressed in nominal dollars (not adjusted) to real dollars (adjusted). Deflator Data includes values necessary for converting dollar values from nominal dollars to real dollars, which adjusts for inflation between the Data Set Year and a particular Dollar Year.
This Data contains Deflators for Output in each IMPLAN Industry as well as other entities such as Value Added and Institutions. Deflators are available for adjusting dollar values from any IMPLAN Data Year to Dollar Years ranging from 1997 to 2060. Nominal dollars are in the Dollar Year matching the Data Set Year. To manually adjust a nominal dollar value to be in a different Dollar Year, multiply the nominal dollar value by the appropriate Deflator. When Dollar Year equals the Data Set Year, Deflators equal 1.
Dollar Values throughout Data Library can be adjusted for inflation by Looker by selecting Real as the Dollar Type where applicable. Selecting Nominal as the Dollar Type displays unadjusted dollar values.
In a mathematical sense, a deflator is an index number which represents the ratio of nominal GDP to real GDP, and which allows analysts to adjust for relative price changes over time.
In a literal sense, a deflator is merely a numeric value which is calculated by dividing nominal GDP by real GDP, and then by multiplying the resulting quotient by 100. The written mathematical formula for this calculation is:
GDP deflator = (Nominal GDP) / (Real GDP) x 100
This Dashboard includes 1 tile:
- Deflators is a table chart showing the deflators for the filtered Data Year, Dollar Year, and Entity Type, with a row for each Entity of the filtered.
When viewing a Dashboard, use the filters to change the data points displayed. Filter options include:
- Data Year: most recent by default
- Dollar Year: current year by default
- Entity Type: Industry by default
- Entity: no default set. Options will include all Industries by default due to Entity Type being Industry by default. Update the Entity Type filter to see other Entity options.
The Dashboard Actions in the upper right provides more options such as downloading the Dashboard to a PDF. On each tile, click the Tile actions (a series of three vertical dots that appear in the upper right of a tile when hovering over it with a cursor) for the option to download the data within that tile. Select Explore from here within the Tile actions to access more data query options. Exploring from the Dashboard allows users to dig into the data starting from the settings within the Dashboard tile.
Explore the Deflator Data by selecting Deflator Data from the Explore dropdown menu, or by clicking Explore from here from a Deflator Data Dashboard Tile or Look.
By default in Explore, a filter is set for the most recent Data Year.
Select a Dimension to include as a column with all Dimension possibilities.
Click Filter on a Dimension to specify which Dimension possibilities appear in the data query.
Click Pivot on a Dimension to transpose the Dimension rows into columns.
|Data Year||All IMPLAN Data Years are possible Dimensions.|
|Deflator||The appropriate value for converting nominal dollars in the Data Year to real dollars in the Dollar Year (by multiplying nominal dollars by the Deflator).|
Years 1997 through 2060 are possible Dimensions. Dollar Year only applies when Dollar Type is Real.
When Dollar Type is Real, Nominal dollar values are adjusted to be in the selected Dollar Year(s). When Filtering by multiple Dollar Years, select or pivot on Dollar Year to prevent potential double counting.
|Entity||All IMPLAN Entities (Code and Description) are possible Dimensions. These Dimensions include all Entities within each Entity Type.|
|Entity Code||All IMPLAN Entity Codes are possible Dimensions. These Dimensions include all Entities within each Entity Type.|
|Entity Description||All IMPLAN Entity Descriptions are possible Dimensions. These Dimensions include all Entities within each Entity Type.|
|Entity Type||All IMPLAN Entity Types are possible Dimensions:
There are no Measures in the Deflator Data, but the data point provided in this model is a Deflator. A Deflator is the appropriate value for converting a dollar value from its nominal/unadjusted value to an adjusted value in terms of a given Dollar Year (Deflator = 1 when Dollar Year = Data Year). Typically Deflators are used to adjust nominal values to be in real/constant dollars so that data from different Data Years can be compared in like dollars after adjusting for inflation.
This model can be helpful if users are looking to reference deflator values. Rest assured, IMPLAN offers the option of Real and Nominal Dollar values throughout the other models where applicable. No need to deflate/inflate data in the Data Library.
Written August 30, 2023