Economic Growth

ECONOMIC GROWTH

EXAMINE AND ACCOUNT FOR AUSTRALIA’S PRESENT GROWTH RATE

Australia’s present growth rate is one of the highest in the world; in fact its average annual growth rate is higher than the average growth rate of the world.

Economic growth is when an economy produces more goods and services in a given year than in the previous year. But to find real economic growth (increase in real GDP), the effect of inflation must be taken out of account.

In the Jun...