Through Dec 2023

chart & analysis: Economy Population by Decade

GDP & Population Growth

Economic growth, as measured by GDP, is driven by two components: population growth and labor productivity.  Population growth represents a surrogate measure of the quantity of labor in the economy.  Although there are numerous measures that are more refined (e.g., labor force participation, total employment, etc.), over time total population growth has provided a reasonable estimate for high-level analysis of the first component of economic growth.