Growth (Economic)
Increase in economic output; real GDP growth.
Formula
Economic Growth (%) = ((GDP this year − GDP last year) ÷ GDP last year) × 100
Real World
China sustained average GDP growth of around 10% per year from 1980 to 2010, transforming from a largely agricultural economy into the world's second-largest economy within a single generation.
Exam Focus
State the formula and use real percentage figures when calculating growth — always specify 'real' GDP to show awareness of inflation.
How well did you know this?