Definition: This report presents nominal as well as real measures of GRP and provides great insights into how your economy is performing over time. The main difference between nominal and real values of GRP is that real values are adjusted for inflation, while nominal values are not.

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 Domestic Product (GDP) at a national level.

Source: Latest REMPLAN data incorporating Australian Bureau of Statistics’ (ABS) June 2015 Gross State Product, 2012 / 2013 National Input Output Tables and 2011 Census Place of Work Employment Data.