Definitions for economic growth
This page provides all possible meanings and translations of the word economic growth
steady growth in the productive capacity of the economy (and so a growth of national income)
The growth of the economic output of a country.
Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to obviate the distorting effect of inflation on the price of the goods produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at "full employment". As an area of study, economic growth is generally distinguished from development economics. The former is primarily the study of how countries can advance their economies. The latter is the study of the economic aspects of the development process in low-income countries. See also Economic development. Since economic growth is measured as the annual percent change of gross domestic product, it has all the advantages and drawbacks of that measure.
Find a translation for the economic growth definition in other languages:
Select another language:
Discuss these economic growth definitions with the community:
Use the citation below to add this definition to your bibliography:
"economic growth." Definitions.net. STANDS4 LLC, 2014. Web. 24 Apr. 2014. <http://www.definitions.net/definition/economic growth>.