See the below image for the Economic growth by market diagram. Economic Growth. The Gross Domestic Product (GDP) of an economy is a measure of total production. More precisely, it is the monetary value of all goods and services produced within a country or region in a specific time period. While the definition of GDP is straightforward, accurately measuring it is a surprisingly difficult undertaking.
. The growth can be measured as an expansion of real GDP or gross national product (GNP) over a given period. With an increase in GDP or otherwise, the value of goods and services produced, people in a country can afford to consume more. To increase goods and services, countries must increase their capacity to produce.
Economic growth is commonly measured in terms of the increase in aggregated market value of additional goods and services produced, using estimates such as GDP.