GDP growth specifies the growth in GDP or the growth in the total value of all the goods and services produced by a country within a period of time. It is measured by the growth compared to same period one year before.
Suppose a country’s GDP was USD 50 billion during first quarter of fiscal year 2010 and its GDP is calculated as USD 55 billion during the same first quarter of fiscal year 2011, the GDP growth will be ((55-50)/50) * 100 = 5%.
Or, ((Current quarter GDP – Current quarter GDP)/ Current quarter GDP) * 100 in percentage terms.
GDP growth is mainly calculated quarterly and yearly basis and all the countries in the world follow the same convention. GDP Growth specifies the rate of economic progress of a country.