Economic Growth

GDP Growth

Contributors
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Carys Brown

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GDP as a Measure of Economic Growth
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GDP is defined as the total value of goods and services sold over a period of time. It is seen as a the most prominent measure of economic performance. The Reserve Bank of Australia released the current GDP figures on the 6 th of August 2021. Currently Australia’s GDP rate is 1.1%. Comparatively, China’s GDP rate is 7.9%. 

(These statistics are perfect to use as evidence in you extended and short responses in class!)

 In order to measure the economic growth rate, you calculate the difference in a nations GDP between two periods. This is shown by the formula:

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Topic Menu
Concept and Measurement of Economic Growth
Types of GDP
GDP Growth
Costs and Benefits of Economic Growth
Determinants of Economic Growth

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GDP is the most notable measure of economic growth, however, as it is only a dollar value of goods and services, it fails to incorporate other factors that may influence society’s perception of economic growth.

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