Check out this economic growth definition covering its indicators including gross domestic product, money supply, consumer price index and more. Two main factors namely, economic growth and development determine the economic health of any country. So what is economic growth?
Definition of Economic Growth
It is usually indicated by the increase in the Gross domestic product of that particular country. The GDP is simply an economic model that is indicative of the country value of output. Before embarking on the indicators of such growth, it’s important to have a look at its definition. It is defined as an increase in an economy’s capacity to produce more goods and services with respect to a certain period and another. Another viable definition is as follows: A positive change in production/output of an economy/country. The following indicators are vital for measuring economic development:
An indicator refers to anything employed in predicting future economic or financial trends. There are several economic indicators, but the major ones include; Gross Domestic Product, Money Supply, Consumer Price Index, Producer Price Index, and Consumer Confidence Survey.