Contribution to Global GDP growth, 2017 to 2019
Contribution to Global GDP growth, 2017 to 2019
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.
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. This growth rate is the trend in the average level of GDP over the period, which ignores the fluctuations in the GDP around this trend.
Contribution to Global GDP growth, 2017 to 2019 :
China : 35.2%
USA : 17.9%
India : 8.6%
Euro Zone : 7.9%
Indonesia : 2.5%
South Korea : 2%
Australia : 1.8%
Canada : 1.7%
UK : 1.6%
Japan : 1.5%
Brazil : 1.2%
Turkey : 1.2%
Mexico : 1.2%
Russia : 1%
An increase in economic growth caused by more efficient use of inputs (increased productivity of labor, 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. Development of new goods and services also creates economic growth.
Economic growth in the U.S. and other developed countries went through phases that affected growth through changes in the labor force participation rate and the relative sizes of economic sectors. The transition from an agricultural economy to manufacturing increased the size of the sector with high output per hour (the high-productivity manufacturing sector), while reducing the size of the sector with lower output per hour (the lower productivity agricultural sector). Eventually high productivity growth in manufacturing reduced the sector size, as prices fell and employment shrank relative to other sectors.
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