Exponential Growth in GDP
Revised 2 December 2023
GDP is a measure of economic activity in an economy both good or bad, and it has grown exponentially since the start of the industrial revolution and the use of coal in steam engines. Growth in GDP accelerated with the discovery and drilling of oil fields in the late 1800s (Hall & Klitgaard 2018).
Figure 1: Exponential Growth in GDP (Our World in Data 2021)
GDP per capita has also grown exponentially since the start of the industrial revolution. The most rapid rate of growth in GDP per capita shown in green has been in the United States, Canada, Australia, and New Zealand. The rate of growth in the average world GDP per capita shown in black has been much slower .
Figure 2: Exponential Growth in GDP per Capita (Our World in Data 2021)