Compared from one period of time to another, an increase in economic goods and services is called economic growth. It creates profit for business which results in rising in stock prices. This situation helps companies capital to hire more employees and invest in their business.
Gross Domestic Product(GDP) is the best way to measure economic growth. It measures the final production. Exported goods are included and imported ones excluded in GDP. The US has a different economic policy which affects their economic growth differently than the rest of the worlds. However, it is effective for their short-time growth as it uses debt which boosts their consumer and military spending.
Data of Economic Growth by States
Let’s see the 50 states economic growth:
|1. South Dakota||9.9%|
|12. North Dakota||5.4%|
|18. New Jersey||4.8%|
|19. North Carolina||4.8%|
|25. South Carolina||4.4%|
|32. New Hampshire||3.8%|
|34. New York||3.7%|
|40. West Virginia||3.4%|
|46. Rhode Island||2.6%|
|47. New Mexico||2.5%|
Economic growth is the most-watched economic indicator. The more positive economic growth, the more a country rises, the more jobs are created, and income rises. Thus, the consumers have more money to buy additional products and services, and these purchase let a country have higher economic growth.
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