Gross regional domestic product (GRDP),gross domestic product of region (GDPR), orgross state product (GSP) is a statistic that measures the size of aregion'seconomy. It is the aggregate ofgross value added (GVA) of all resident producer units in the region, and analogous to nationalgross domestic product. The GRDP includes regional estimates on the three major sectors including their sub-sectors, namely:
"The GRDP is usually presented innominal 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."[2]