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Economic growth can be defined as the increase or improvement in the inflation-adjusted economy in a financial year.[2] The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. 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. Growth is usually calculated in "real" value, which is inflation-adjusted, to eliminate the distorting effect of inflation on the prices of goods produced.[3] Real GDP per capita is the GDP of the entire country divided by the number of people in the country. Measurement of economic growth uses national income accounting.[4]
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, economic growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth.[5] Innovation 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.[6]
- ^ "GDP per capita growth (annual %), World Bank Group, accessed august 2024".
- ^ Roser, Max (2021). "What is economic growth? And why is it so important?". Our World in Data.
- ^ Statistics on the Growth of the Global Gross Domestic Product (GDP) from 2003 to 2013 Archived 2013-05-03 at the Wayback Machine, IMF, October 2012. - "Gross domestic product, also called GDP, is the market value of goods and services produced by a country in a certain time period."
- ^ Bjork 1999, p. 251.
- ^ Bjork 1999, pp. 2, 67.
- ^ Gordon, Robert J. (29 August 2017). The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War. Princeton University Press. pp. 38–39. ISBN 978-0-691-17580-5.