Usually means: Comparison of metrics over annual periods.
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We found 4 dictionaries that define the word year-on-year:

General (2 matching dictionaries)
  1. year-on-year: Oxford Learner's Dictionaries
  2. year-on-year: Wiktionary

Business (2 matching dictionaries)
  1. Year-on-year: Moneyterms
  2. Year-on-year: Deardorff's Glossary of International Economics

Definitions from Wiktionary (Year-on-year)

adjective:  Alternative form of year-over-year [Compared to the same time period in the previous year (for example, monthly inflation).]

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