What is the definition of economic growth?

Answer by  Vladlen (358)

Given economy is growing when GDP (Gross Domestic Product) in the current year is bigger than in the last year. Difference between those years is calculated and usually represented in percents. If economic growth percent is positive economy is growing, if negative economy is shrinking.

Answer by  diceman (12)

Economic growth is defined as the increase of per capita gross domestic product and refers only to the quantity of goods and services produced.

Answer by  Vladlen (358)

When someone saying that economy is growing almost for sure he or she mean that last period GDP (gross domestic product) of the more recent period is higher than GDP of the least recent same period.