Economic growth is the increase in the production and consumption of goods and services in an economy over time. It is typically measured by the growth in gross domestic product (GDP) and indicates overall economic well-being and development.
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product (GDP). Economic growth is an essential indicator of an economy's health, reflecting improvements in living standards, increases in employment opportunities, and the ability of a government to provide services without incurring high levels of debt. Factors contributing to economic growth include investments in physical capital, human capital, innovation, and technology, as well as favorable government policies, stable political environments, and efficient markets.
