Economic growth rate

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Economic growth rate

Economic Growth Rate

The change in a nation's GDP from one period of time (usually a year) to the next. The economic growth rate shows by how much GDP has grown or shrunk in raw dollar amounts. It is considered one of the most important measures of how well or poorly an economy is performing. It is calculated thusly:

Economic growth rate = (GDPyear 2 - GDPyear 1) / GDPyear 1 * 100

The economic growth rate does not adjust for inflation; therefore, the real economic growth rate is sometimes considered more accurate. One may use GNP instead of GDP in calculating the economic growth rate, but this is rare.
References in periodicals archive ?
GI's forecast of the global economic growth rate has been a major reference of the DGBAS in estimating Taiwan's GDP, since the DGBAS uses it as the basis for calculating the global demand for Taiwan-made products.
Phosa said Mpumalanga need to increase its economic growth rate to at least 5 per cent per annum, in order to create enough jobs and to significantly reduce the high unemployment significantly.
The interesting thing is that, when a country does not announce its economic growth rate, international reports leave the space (for the relevant figure) in front of its name empty, and this is what happened regarding Iran's foreign exchange reserves; however, the World Bank did not act similarly with regards to (Iran's) economic growth rate and announced the figure," the Iranian minister added.
Commenting on the declining inflation figures made public today by Turkey's statistics authority, TurkStat, Turkish State Minister & Deputy Prime Minister Ali Babacan said, "While Turkish economy has achieved a strong domestic demand performance and an economic growth rate higher than expected in 2010, inflation is also in decline.
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Chief executive Alan Wilson said there was a broad consensus that Scotland's long - term economic growth rate should be higher.
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