Question

statistical information is necessary to know the direction and condition of growth of an economy explain​

Answer 1

The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. ... Development of new goods and services also generates economic growth.

Answer 2

Answer:

➡ The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend...