Introduction to Economic Growth Measurement and Analysis

The lecture covers the concept of economic growth, focusing on how it is measured using GDP. It explains the significance of different measurement periods, such as annual and quarterly growth, and discusses the reliability of these indicators. The lecture also highlights the process of calculating GDP percentage changes and the implications of using annual data for policy decisions. The session concludes with a preview of the next lecture, which will delve into more immediate data and shorter measurement periods.

What is the significance of measuring economic growth?

Explain the difference between annual growth and quarterly growth.

What are the potential issues with data revision in economic growth measurements?

How does GDP serve as an indicator of economic activity?

How do we determine the percentage change in GDP?

What challenges do policymakers face when relying on annual GDP data?

Discuss the importance of using shorter measurement periods for economic data.