Gross regional domestic product
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Gross Regional Domestic Product (GRDP) or Gross Domestic Product of Region (GDPR) is a subnational gross domestic product for measuring the size of that region's economy. It "is the aggregate of gross value added (GVA) of all resident producer units in the region. The GRDP includes regional estimates on the three major sectors including their sub-sectors namely:
- Agriculture, Fishery and Forestry
- Industry Sector: Mining and Quarrying, Manufacturing, Construction, Electricity and Water
- Service Sector:Transport, Communication and Storage, Trade, Finance, Ownership of Dwellings and Real Estate, Private Government Services"[1]
"The GRDP is usually presented in nominal and real terms. Nominal GRDP measures the value of the outputs of the economy at current prices. Real GRDP referred to as GRDP at constant prices, measures the value of an economy's output using the prices of a fixed base year. The real GRDP is usuful in capturing real output growth since inflationary effects have been removed. It is therefoer, the most widely used measure of real income."[2]
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