Headline Gross Regional Product (GRP) is a measure of size or net wealth generated by the economy. Changes in this figure over time can represent changes in employment, productivity or the types of industries in the area.
Headline Gross Regional Product is the total gross value of the economic activity occurring within the region, regardless of where the value of that production actually accrues. It is comprised of the sum of Industry Value-Add plus a component for the value of dwelling ownership and rental in the area.
Data on this page are sourced from the National Institute for Economic and Industry research modelling tools.
Headline Gross Regional Product is the sum of Industry Gross Product plus Ownership of Dwellings.
The Industry Gross Product is the sum of the industry value-add for each industry present in the area. Value-added is the value of sales generated by each industry, minus the cost of its inputs.
Estimates of gross product and value-added are expressed in constant dollars (adjusted for inflation) to the year specified in the table header.
Ownership of Dwellings includes the value of all rents collected in the area (based on the ABS State Accounts for the relevant time period, and apportioned over regions by means of the distribution of rents present at the last Census), plus a value for "imputed rent" based on owner-occupiers in the area. The rent generated is based on the location of the dwelling, not the landlord, and uses Real Estate Institute data as an estimate of dwelling value.
Data are modelled using the following base datasets:
The expenditure approach is where all forms of final expenditure, including consumption by households, consumption by government, additions or increases to assets (minus disposals) and exports (minus imports) are added. The expenditure approach does not include intermediate expenditure, as this would lead to double-counting. Intermediate expenditure is expenditure by a business on goods and services that are used in the process of production, rather than "end point" consumption. An example of intermediate expenditure is the expenditure by a baker on the flour to produce a loaf of bread. Data on intermediate expenditure and intermediate sales are included in the Industry Sector Profiles part of economy.id® (under Industry Structure).
Please note that these modelled estimates are subject to change. Estimates are reviewed when more recent and robust data becomes available, particularly when new National or State Accounts data are released by the ABS, or new tax office income data are released. Most recent financial year estimates are based on a combination of factors including Centrelink and Labour Force Survey data, which is replaced by ATO income data when it becomes available. As a result of this, revisions to the most recent 6 quarters (18 months) of data should be anticipated by users, which could change the statistical outcomes.
Source: National Institute of Economic and Industry Research (NIEIR) ©2012
Please note that NIEIR modelled estimates are subject to change and review for the most recent two financial years.
Please refer to the data notes for more information.
The Hills Shire Gross Regional Product represents 1.9% of New South Wales's Gross State Product for the year ending June 2012.
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