|“||Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.||”|
There’s a lot to think about there. This video should help.
Multiple factors can affect economic growth. To explore the concept further, read the following texts, and then work on the activity below.
- Economic growth, its measurements, causes, and effects.
- Gross Domestic Product and how it affects you.
Search online and find the GDP of the country you are living in or of your home country.
Is the GDP increasing or decreasing? Can you find out why this is happening?
Share the GDP of the country you’ve chosen, what is currently happening with the GDP, and any commentary on this.
- The UK GDP fell to 0.3% from 0.7% in 2017. This was because of slowing employment, slow wage growth, and rising inflation. Brexit.
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