Economic Growth
An increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which include inflation, or in real terms, which are adjusted for inflation.
For comparing one country's economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries. Investopedia Says:
Economic growth is usually associated with technological changes. An example is the large growth in the U.S. economy during the introduction of the Internet and the technology that it brought to U.S. industry as a whole. The growth of an economy is thought of not only as an increase in productive capacity but also as an improvement in the quality of life to the people of that economy. Related Terms:
Boom
Economic Growth Rate
Economics
Expansion
Gross Domestic Product - GDP
Gross National Product - GNP
Nominal GDP
Real Economic Growth Rate
Real GDP
Recession |