The Economic Growth Rate is a measure of a nation's economic growth over time. The economic growth rate of a nation is the percentage change in the value of all of the goods and services produced during a specific period of time, as compared to an earlier period. In most countries, the economic growth rate is measured as the percentage change in gross domestic product. The word economic in the term economic growth rate refers to the net increase in the amount of goods and services available for purchase. An economic growth rate is the opposite of a recession.Economists use gross domestic product (GDP) to measure how much a country's output has increased year-over-year. Gross domestic product can be thought of as the value of all the goods and services produced in a country during a specific period of time. An economic growth rate is the percentage change in the value of all of the goods and services produced in a nation during a specific period of time, as compared to an earlier period. This is a financial statement which tells us how the country is doing in terms of economic health. The economic growth rate sits right in the middle of many economic indicators.
