Does Economic Growth Equal Inflation?

Something that's been bothering me a long tie is the way the that economic growth, in terms of the Gross Domestic Product (GDP) is measured. Clearly, I'm not an economist, but it appears to me that GDP growth is measured purely in dollars spent in a geographical location. The "growth"measured by GDP includes growth in government spending (done at a deficit) growth in consumer consumption (thanks to credit), so-called investment (purchases is speculative instruments, a polite form of gambling) and the difference between exports and imports.

So how does economic growth differ from inflation, if at all? If everybody charges more for their good and services, that is economic growth, more dollars are changing consumption hands. But it doesn't mean that farmers are growing more wheat, manufacturers are making more widgets or doctors are working more hours. They're just charging more. The dual role of the Fed in fighting inflation and promoting growth (or employment, depending on who you ask) would seem to self contradictory, which is why they don't so much fight inflation as target low inflation.

So this post is basically just a note to myself to read up on how the GDP is currently calculated and whether an adjustment for inflation is made before growth is compared to inflation. If it turns out that growth equals inflation, wouldn't that be a zinger.