Economic Growth

Definition

• The rate of change in output from the current year to the next year.

Synonyms
financial growth, economic expansion, gross domestic product growth, GDP growth

Related Terms and Acronyms

• Exports — Definition,
  • Products and services produced in Canada and sold in other countries.
• Fiscal Deficit — Definition,
  • When the government spends more money than it receives in revenue over the course of one year.
• Fiscal Policy — Definition,
  • The use of government spending and taxation policies to influence the economy.
• Fiscal Surplus — Definition,
  • When the government receives more in revenue than it spends over the course of the year.
• Gross Domestic Product (GDP) — Acronym,
  • The total value of all the goods and services produced by the Canadian economy in a single year.
• Gross National Product (GNP) — Acronym,
  • The value of all goods and services accruing to Canadians in a given year. It equals Gross Domestic Product, plus income of Canadians from foreign production, less income from Canadian production earned by non-residents (such as interest and dividends paid to foreign lenders).
• Inflation — Definition,
  • A rise in the average level of prices in the economy.
• Loss — Definition,
  • When expenses are larger than revenues.
• North American Free Trade Agreement (NAFTA) — Acronym,
  • An agreement between the United States, Canada, and Mexico that allows for freer trade between the three countries.
• Profit — Definition,
  • When revenues exceed expenses.