Gross regional domestic product
Encyclopedia
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:
"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."
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
for measuring the size of that region
Region
Region is most commonly found as a term used in terrestrial and astrophysics sciences also an area, notably among the different sub-disciplines of geography, studied by regional geographers. Regions consist of subregions that contain clusters of like areas that are distinctive by their uniformity...
's economy
Economy
An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...
. It "is the aggregate
Aggregate data
In statistics, aggregate data describes data combined from several measurements.In economics, aggregate data or data aggregates describes high-level data that is composed of a multitude or combination of other more individual data....
of gross value added
Gross value added
Gross Value Added ' is a measure in economics of the value of goods and services produced in an area, industry or sector of an economy...
(GVA) of all resident producer units in the region. The GRDP includes regional estimates on the three major sectors including their sub-sectors namely:
- AgricultureAgricultureAgriculture is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agriculture was the key implement in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the...
, FisheryFisheryGenerally, a fishery is an entity engaged in raising or harvesting fish which is determined by some authority to be a fishery. According to the FAO, a fishery is typically defined in terms of the "people involved, species or type of fish, area of water or seabed, method of fishing, class of boats,...
and ForestryForestryForestry is the interdisciplinary profession embracing the science, art, and craft of creating, managing, using, and conserving forests and associated resources in a sustainable manner to meet desired goals, needs, and values for human benefit. Forestry is practiced in plantations and natural stands... - IndustryIndustryIndustry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...
Sector: MiningMiningMining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
and Quarrying, ManufacturingManufacturingManufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
, ConstructionConstructionIn the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of human multitasking...
, ElectricityElectricityElectricity is a general term encompassing a variety of phenomena resulting from the presence and flow of electric charge. These include many easily recognizable phenomena, such as lightning, static electricity, and the flow of electrical current in an electrical wire...
and WaterWaterWater is a chemical substance with the chemical formula H2O. A water molecule contains one oxygen and two hydrogen atoms connected by covalent bonds. Water is a liquid at ambient conditions, but it often co-exists on Earth with its solid state, ice, and gaseous state . Water also exists in a... - Service Sector:TransportTransportTransport or transportation is the movement of people, cattle, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline, and space. The field can be divided into infrastructure, vehicles, and operations...
, CommunicationCommunicationCommunication is the activity of conveying meaningful information. Communication requires a sender, a message, and an intended recipient, although the receiver need not be present or aware of the sender's intent to communicate at the time of communication; thus communication can occur across vast...
and Storage, TradeTradeTrade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...
, FinanceFinance"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
, Ownership of Dwellings and Real Estate, Private Government Services"
"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."