THE ROLE AND IMPORTANCE OF ECONOMIC GROWTH INDICATORS

In practice, economic growth and economic development are often used as synonyms. However, these two concepts are significantly different, because economic development is a much broader concept than economic growth. Economic growth implies a constant increase in the production of goods and services at the level of a country, i.e. an increase in the GDP of a country compared to the previous period. Economic growth, therefore, shows quantitative changes in material production in a country expressed through the growth rate. There are a large number of indicators that can be used to quantify the growth and development of a particular economy, but in practice the following indicators are most often used: Gross Domestic Product, GDP per capita, Employment and Unemployment Rates, Investments, Productivity, Foreign Trade Exchange, Inflation and Savings Rate. This paper explores from a theoretical point of view economic growth indicators and their practical application in the economy and economic policy of the country.