Ballarat's Gross Regional Product is estimated at $5.531 billion. Ballarat represents 86.69 % of Greater Ballarat's GRP of $6.381 billion, 1.48 % of Victoria's Gross State Product (GSP) of $374.435 billion and 0.33 % of Australia's GRP of $1.655 trillion.
Definition: GRP is the net measure of wealth generated by the region. GRP can be measured by using the incomes approach, where all incomes earned by individuals (wages and salaries), firms (gross operating surplus) and governments (taxes on products or services) are added. Alternatively an expenditure approach can be taken where all forms of final expenditure, including consumption by households, consumption by governments, 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. eg. the wheat and flour in a loaf of bread. These methodological approaches are the same as those used to calculate Gross State Product (GSP) at a state level and Gross Domestic Product (GDP) at a national level.
Source: Latest REMPLAN data incorporating Australian Bureau of Statistics’ (ABS) June 2016 Gross State Product, 2013 / 2014 National Input Output Tables and 2011 Census Place of Work Employment Data.