Also known as "debasing the coinage", a crime that used to be punishable by death in past years in other lands. Of course, kings and queens used to do it all the time, and it's still being done wantonly by government, in which case it's called "fiscal policy".
That works out to an annual increase of 6%, which is fairly modest.
Also, it's hard to tell which is cause and effect between money supply and economic activity. For example, inceased economic activity generates more money and is reflected in an increased money supply.