If gross domestic product increases by 10% in a year are we better off? why or why not?

If the GDP increases by 10% in a year than that will be a very positive thing for the economy, the people, the country as a whole. Such increase is considered relatively high, and it is an increase that none of the developed countries manages to have. If it happens though, that means that the economy is growing very quickly. More goods and services have been placed and sold on the market, thus more money have come into the economy. That will also result in an increase in the wages of the laborers, and the extra money in the economy can be used for improvements and further development. The inflation will remain reasonably high, or so called healthy inflation, o in general we can say that such an increase of the GDP will be a very positive thing.