The growth of an economy can be measured using different kinds of measures. One of the best measures that can be used to measure economic growth is Gross Domestic Product (GDP).
GDP means the monetary value of the currently produced (produced within the current period, not in the previous periods), final goods and services (not including the intermediate goods and services) in a specific geographical area (usually within a country or a region).
According to the aggregate expenditure approach, GDP is the combination of four factors. They are private consumption, investment, government spending, and net expenditure. So, it can be presented as follows.
Gross Domestic Product = Consumption + Private Investment + Government expenditure + Net Expenditure