‘Economic growth occurs when GDP rises’. Defend the statement with valid reasons.
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An estimate of the total value of goods and services produced in a country, GDP aims to best capture the true monetary value of our economy. It is defined by the ONS as "the sum total of the final output an economy produces."
Economists traditionally use gross domestic product (GDP) to measure economic progress. If GDP is rising, the economy is in solid shape, and the nation is moving forward. On the other hand, if gross domestic product is falling, the economy might be in trouble, and the nation is losing ground.
Economic growth is measured by changes in a country's Gross Domestic Product (GDP) which can be decomposed into its population and economic elements by writing it as population times per capita GDP. Expressed as percentage changes, economic growth is equal to population growth plus growth in per capita GDP.
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