Gross regional domestic product
Gross regional domestic product (GRDP) or gross domestic product of region (GDPR) is a statistic that measures the size of a region's economy. It is the aggregate of gross value added (GVA) of all resident producer units in the region, and analogous to national gross domestic product. 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
"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 useful in capturing real output growth since inflationary effects have been removed. It is, therefore, the most widely used measure of real income."
- Eurostat - Statistics Explained: GDP at regional level (European regions at NUTS 2 level)
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