Economic growth is an important factor in the development of any country. It is a measure of how much the country's gross domestic product (GDP) has grown over a given period.
The most common way to measure economic growth is through the use of GDP, which stands for gross domestic product. The GDP measures how much an economy produces in terms of goods and services per year. Economic growth is then calculated as the change in GDP from one year to another.
Economic growth can be measured by examining three main factors: population, productivity and participation rate. Population refers to all those who are able to work and produce goods or services for sale on the market. Productivity refers to how many goods or services are produced per worker, hour or machine input during a certain time period. Participation rate refers to what percentage of people are able to work and produce goods or services for sale on the market.
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