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What is an 'Economic Growth Rate' An economic growth rate is a measure of economic growth from one period to another in percentage terms. This measure does not adjust for inflation; it is expressed in nominal terms.
Economic growth on the other hand, is a narrower concept than economic development. It is defined as the increase in the value of goods and services produced by every sector of the economy.It is usually expressed in terms of the gross domestic product or GDP of the country.Economic growth is defined by increases in GDP.  Whereas, economic development is more of a vague measure usually encorporating social measures such as literacy rates or l â¦ ife expectancy as a means of measuring a country's level of development.t is defined as the increase in the value of goods and services produced by every sector of the economy. It is usually expressed in terms of the gross domestic product or GDP of the country. Economic growth is defined by increases in GDP.