Here's the size chart for selecting the Watery Gecko wetsuit for children. The measurements are taken with the suit lying flat and unstretched. The wetsuit will naturally stretch both with use and in the water, adapting to the body when worn in water.
If you find yourself between two sizes, it's best to choose the size where you meet the majority of the measurements. Generally, the most important measurements are chest and height (ankle to shoulder).
A wetsuit should not fit too loosely. If there are many air pockets or "bags" forming around the suit, it is too large for you.