Can some one please define what underlying rate of economic growth actually means?

Answer 1

Economic growth simply refers to the expansion of the economy. To compare in business, you started a business, let us say beauty salon for 1000$ after a year your business is now worth 1013$ so your business has grown. something, like that but a little more complex

Answer 2

When people refer to the underlying rate of an economic variable they are excluding what they consider the most volatile components. For GDP it is often inventory and net exports, for CPI it is food and energy.