Headline Gross Regional Product (GRP) is a measure of size or net wealth generated by the local economy. Changes in this figure over time can represent changes in employment, productivity or the types of industries in the area.
Local Industry GRP shows the value of the local economy, generated by the local workers within the area regardless of where they live, after taxes and dividends leave the area. It is best thought of as GRP produced by local industries.
Local Residents GRP refers to the economic output of the residents of the area regardless of where they work. It is best thought of as the income received by people in the City. If the Residents GRP is high relative to the Local Industry GRP, this indicates that residents are contributing their economic productivity to other areas (most likely commuting out).
To understand the relative size of these measures and reasons behind the differences, GRP data should be viewed in conjunction with Jobs to workers ratio and Employment self-containment datasets. To understand the main contributors to GRP, this dataset should be viewed in conjunction with industry Value added.
National Economics (NIEIR) - Modelled series
|Hobsons Bay City - Gross Regional Product measures|
|Year ending June||Headline GRP $m||% change from previous year||Local industry GRP $m||Local residents GRP $m||Local industry to residents ratio|
Source: National Institute of Economic and Industry Research (NIEIR) 2021. Compiled and presented in economy.id by .id (informed decisions). Data are based on a 2019/20 price base for all years. NIEIR-ID data are inflation adjusted each year to allow direct comparison, and annual data releases adjust previous years’ figures to a new base year.Learn more.Please refer to specific data notes for more information