Economic growth can be referred to as the increase that is witnessed in the monetary value of all the goods and services produced in the economy during a time period. It is a type of quantitative measure that reflects the potential increase in the number of business transactions taking place in the economy.

It can be measured in terms of the increase in the aggregate market value of additional goods and services produced by using economic concepts such as GDP and GNP.

Growth means only increase in national income while development means not only increase in national income but also increase in employment level, standard of living, literacy rate, reduce income inequality and many more indicators.