A Big Number Worth Celebrating
Skills Minister Robert Halfon MP shares his thoughts on National Apprenticeship Week 2024. This National Apprenticeship Week, I want to reflect on what government, businesses…
Economic Growth
What is Economic Growth?
Economic Growth is the augmentation or enhancement in the inflation-adjusted market value of the goods and services produced by an economy within a financial year.
Statisticians traditionally quantify such growth as the percentage rate of increase in both the real and nominal gross domestic product.
It refers to the expansion of a country’s economy over a specific timeframe, with the size measured by the total production of goods and services, known as gross domestic product (GDP). It can be assessed in either ‘nominal’ or ‘real’ terms.
How is Economic Growth Measured?
The formula for measuring this is GDP = consumer spending + business investment + government spending + net exports.
Why is Economic Growth Important?
It generates job opportunities, leading to stronger demand for labour, which is the primary and often the sole asset of the poor. Increasing employment, in turn, has been crucial in delivering higher growth.
How does Economic Growth Benefit us?
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