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The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents ...
In 1953, growth began to slow in the third quarter and the economy shrank by 2.4 percent. In the fourth quarter, the economy shrank by 6.2 percent, and in the first quarter of 1954, it shrank by 2 percent before returning to growth. By the fourth quarter of 1954, the economy was growing at an 8 percent pace, well above the trend.
Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
Real GDP can be used to calculate the GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change. The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate.
One way to avoid giving attention to growth might be extending from the economic concept of growth, which proponents of both growth and degrowth commonly adopt, to a broader concept of growth that allows for the observation of growth in other sociological characteristics of society. A corresponding "recoding" of "growth-obsessed", capitalist ...
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
For more than 35 years, Michigan Central Station has lain dormant, towering above Detroit’s Corktown neighborhood as a harsh and stoic reminder of the city’s economic pain.
Other economic concepts related to inflation include: deflation – a fall in the general price level; [17] disinflation – a decrease in the rate of inflation; [18] hyperinflation – an out-of-control inflationary spiral; [19] stagflation – a combination of inflation, slow economic growth and high unemployment; [20] reflation – an ...