Economic+growth

ECONOMIC GROWTH


 * __ Helen __**

__ Economic Growth __  -  An increase in the volume of goods and services that an economy produces over a period of time.  -  Measured by the **annual rate of change in real Gross Domestic Product (GDP)**(change in the value of G/S produced in an economy over time, adjusted for rate of inflation  -   ABS estimates the level of GDP in Australia every three months  -   ABS used information about household and business incoe, expenditure on G/S, and production by firms to get the most accurate measure of GDP  -  GDP = income, expenditure and production in three different time periods


 * Economic growth(%)** =

__real GDP(current year) - real GDP(previous year)__ * __100__ real GDP(previous year)

 -  ** Quarterly rate of economic growth ** – calculated by ABS every three months to   compare growth of GDP between consecutive quarters  -  ** Year on year growth ** – measures the percentage change in GDP between one quarter and the corresponding quarter of the previous year  -  ** Annual economic growth rate ** – calculated each year using GDP statistics, comparing the growth throughout the year