What is the meaning of 10% economic growth?

Percentage is a ratio of a particular absolute quantity. Apply the same concept to macroeconomic values. Assuming that you know what GDP refers to, a 10 percent increase would mean that this financial years GDP grew by 10 percent over the last year's absolute quantity. read more

Economic growth refers the growth of GDP(Gross Domestic Product). GDP is the value of all final good and services produces with a defined span of time in a country. Generally this span is one year. At the end of each year, every country publishes or estimates the value of GDP at the end of a financial year. read more

Economic growth is an increase in an economy's ability to produce goods and services. read more

Economic growth is the increase or decrease in what a country produces over time. How it's measured, creates jobs, and what is a normal rate. read more