Economic Growth-supply and Demand Perspective

The definition of economic growth says that economic growth can be seen as an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. The aim of this paper is to compare the economic growth in selected countries of EU. We used two ways of economic growth calculation - demand perspective based on the GDP and its components and supply perspective based on the neoclassical production function (the connection between Cobb-Douglas‘s production function and productivity).