UK GVA deflator index
UK GVA deflator index stood at 105.7 in Q2 2026, according to Office for National Statistics (ONS). It is one of the indicators in the Quarterly GDP table (Value · Quarterly), with a complete series running from Q1 1955 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Quarterly GDP table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deflators | |||||||||||
| Gross value added deflator, index | 105.7 | 105.7 | 104.5 | 104.1 | 103.6 | 102.2 | 101.5 | 100.8 | 102.5 | 101.5 | |
| Gross domestic expenditure deflator, year on year | 3 | 3.1 | 3.4 | 3.2 | 3.4 | 3.4 | 3.7 | 2.8 | 2.5 | 2.9 |
Understanding UK GVA deflator index
Price level trends across all productive industries in the United Kingdom are indexed in this series, reflecting the implied deflator for total gross value added. Expressed as an index number relative to a designated base period, it divides nominal industry output at basic prices by real chained volume output. It differs from the headline GDP deflator by omitting net taxes on products, such as excise duties and value added tax, thereby isolating pure producer price movements from fiscal tax policy changes.
As an index, the absolute level reflects historical cumulative price drift from the baseline reference period. Period-to-period differences indicate underlying domestic cost pressures facing producers, including unit labour costs and gross operating surpluses. Revisions are routine following annual updates to industry turnover benchmarks. Analysts should avoid comparing this series directly with retail purchase indices, as consumer metrics include retail distribution margins and indirect taxation that are excluded from basic price value added.
Frequently asked questions
- What is the difference between the GVA deflator and the GDP deflator?
- The GVA deflator evaluates production at basic prices, excluding taxes on products and including product subsidies, whereas the GDP deflator uses market prices.
- How should an analyst convert this index into an inflation rate?
- Calculate the percentage change between index values across the desired interval, such as four quarters for an annual rate or one quarter for a sequential rate.
- Does this index encompass financial and public sector value added?
- Yes, it covers all domestic industries, incorporating non-market public administration and imputed financial intermediation services.