
Economic growth (or economic development) is measured as the change of the size of a national economy in terms of the quantitative change of the gross domestic product. To determine economic development in real terms, the calculation of the gross domestic product for different years is related to a reference year (adjustment for price changes). This means that changes which are exclusively due to an increase in the level of prices (inflation) are excluded (deflation).
Version: 2.25.5 / 20.10.2008