Economic growth is simply defined as the percentage increase in the value of economic activity from a period to another period of time. Generally, the time period is taken as quarterly, semi-annually and annually in the calculations of the changes in economic activity. For the measurement of the value of the economic activity, generally the gross domestic product (GDP) of the country is used as a proxy. The GDP is defined as the market value of all final goods and services produced within a country in a given period of time, say, in a year. So, if we want to define the economic growth of a country annually, we say that the economic growth is the percentage change in GDP of a country from a year to another year. The economic growth can be positive or negative. If the change in GDP from a year to another year is positive, we say that the economic growth is positive or there is an economic expansion.