Economic growth

Definition

Economic growth is the increase in the production of goods and services in an economy over a period of time. It is often measured as the percentage increase in real gross domestic product (GDP).

Related terms

Gross Domestic Product (GDP):

The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

Inflation:

A general increase in prices and fall in the purchasing value of money, often occurring as economies grow rapidly.

Standard of Living:

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area