- "Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year."
An increase in the production of goods and services over time, often measured by changes in GDP or per capita income.
Gross Domestic Product (GDP): GDP is the total value of all goods produced and services rendered in a country within a specific period. It's an essential indicator of economic growth.
Economic Growth Models: Economic growth models explain the factors that drive economic growth. They help policymakers predict the impact of various policy options on economic growth.
Investment and Savings: Investment and savings are important determinants of economic growth. Higher levels of investments and savings can increase economic growth.
Fiscal Policy: Fiscal policy refers to government spending and taxation policies that impact economic growth. Economists use fiscal policy to control inflation, stimulate the economy, and promote economic growth.
Monetary Policy: Monetary policy refers to the actions taken by central banks to stabilize the economy by controlling the availability and cost of money. The aim of monetary policy is to promote steady economic growth while keeping inflation in check.
Trade: International trade can play a role in promoting economic growth as it increases the availability of goods and services, creates employment opportunities, and provides greater access to new technologies.
Infrastructure: Investment in infrastructure, such as roads, bridges, ports, and airports, is critical to achieving sustained economic growth as it facilitates the movement of goods and services, boosts business activity, and creates jobs.
Innovation and Technology: Innovation and technology are important drivers of economic growth. Countries that excel in technological innovation tend to have higher economic growth rates.
Human Capital: Education and skills training play a crucial role in boosting human capital, which is a critical factor in economic growth. Developing human capital enables countries to have a skilled and knowledgeable workforce that spurs economic growth.
Institutions: A country's institutional framework, including its legal and regulatory environment, can significantly influence economic growth. Strong institutions create a stable environment, support business activity, and attract investment.
Gross Domestic Product (GDP) Growth: This type of economic growth is measured by the increase in the market value of goods and services produced within a country over a specific period of time.
Nominal GDP Growth: Nominal GDP growth is similar to GDP growth, but it does not adjust for inflation.
Real GDP Growth: Real GDP growth is a measure of economic growth that takes inflation into account.
Per Capita GDP Growth: This type of economic growth is calculated by dividing the GDP of a country by its population. It is a measure of the average standard of living in a country.
Sectoral GDP Growth: Sectoral GDP growth measures the growth of a specific sector or industry within a country.
Purchasing Power Parity (PPP) GDP Growth: PPP GDP growth is a measure of economic growth that takes into account the purchasing power of a country's currency, compared to other currencies.
Human Development Index (HDI) Growth: HDI growth measures the growth of a country's human development, which takes into account factors such as education, healthcare, and standard of living.
Employment Growth: Employment growth measures the increase in the number of people employed within a country.
Wage Growth: This type of economic growth measures the increase in average wages within a country.
Trade Growth: Trade growth measures the increase in international trade and commerce between countries.
Productivity Growth: Productivity growth measures the increase in the efficiency of resource utilization within an economy.
- "Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP)."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "Measurement of economic growth uses national income accounting."
- "The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income)."
- "The 'rate of economic growth' refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time."
- "Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth."
- "In contrast, GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "Development of new goods and services also generates economic growth."
- "In the U.S., about 60% of consumer spending in 2013 went on goods and services that did not exist in 1869."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend."
- "GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income)."
- "Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "Measurement of economic growth uses national income accounting."
- "The 'rate of economic growth' refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time."
- "GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "Development of new goods and services also generates economic growth."