Wiktionary
n. The growth of the economic output of a country.
WordNet
n. steady growth in the productive capacity of the economy (and so a growth of national income)
Wikipedia
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, or real GDP, usually in per capita terms.
Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure.
The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. Implicitly, this growth rate is the trend in the average level of GDP over the period, which implicitly ignores the fluctuations in the GDP around this trend.
An increase in economic growth caused by more efficient use of inputs (such as labor productivity, physical capital, energy or materials) is referred to as intensive growth. GDP growth caused only by increases in the amount of inputs available for use (increased population, new territory) is called extensive growth.
Usage examples of "economic growth".
Millions of peasants are on the move in China, where economic growth is as dramatic as it is uneven.
Also dramatically evident is the acceleration of economic growth in the nations now racing toward super-industrialism.
Bentsen, Altman, Summers, and Panetta bought the bond-market argument and believed deficit reduction would accelerate economic growth.
We know that Japan's highspeed economic growth in the decades after the war was directed by members of the Black Blade Society within the powerful Ministry of International Trade and Industry and the heads of the new, emerging industrial keiretsu - their new name for the old zaibatsu.
Then I'll need a separate chart that breaks out per capita liquid fuel production, with two subcharts, one showing per capita production, and one that takes per capita production of say, five years ago, and increases it by the percentage of economic growth for the whole Artosan economy.
We are on the edge of a period of prolonged economic growth, with annual averages in excess of twenty percent, if the Council of Europe's predictor metrics are anything to go by.
The last of the flaccid industrial economy has withered away, and this era's muscle of economic growth, what used to be the high-technology sector, is now everything.
What it shows is that there is an inverse correlation to military spending and healthy economic growth.