GRDP
Gross Regional Domestic product
Measures the economic performance of a region. It includes goods and services produced by all households and establishments in the region or in other words the aggregate of gross value added (GVA) of all resident producer units in the region. GRDP is usually reported in terms of growth rate in real terms or at constant prices). Growth rate shows if the economy grows faster (accelerated), slower (decelerated), or declined (contraction) as compared to the previous year.
Components of GRDP
GRDP measures the relative contribution of the following three major economic sectors or industrial origin, and their sub-sectors/industries:
- Agriculture, Forestry, and Fishing(AFF)
- Industry
- Services