Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Economic Growth

Synonyms:GDP growth, economic expansion, financial growth, gross domestic product growth
Filed Under: financial-banking, investments
Tags: banking, investment

Definition of economic growth

economic growth
1. The rate of change in output from the current year to the next year.

Related Terms and Acronyms:

  • exports   Products and services produced in Canada and sold in other countries.
  • fiscal deficit   When the government spends more money than it receives in revenue over the course of one year.
  • fiscal policy   The use of government spending and taxation policies to influence the economy.
  • fiscal surplus   When the government receives more in revenue than it spends over the course of the year.
  • gross domestic product (GDP)   The total value of all the goods and services produced by the Canadian economy in a single year.
  • gross national product (GNP)   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   A rise in the average level of prices in the economy.
  • loss   When expenses are larger than revenues.
  • North American Free Trade Agreement (NAFTA)   An agreement between the United States, Canada, and Mexico that allows for freer trade between the three countries.
  • profit   When revenues exceed expenses.

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