region
In geography, regions are areas that are broadly divided by physical characteristics (physical geography), human impact characteristics (human geography), and the interaction of humanity and the environment (environmental geography). Geographic re ...
's economy
An economy (; ) is an area of the production
Production may be:
Economics and business
* Production (economics)
* Production, the act of manufacturing goods
* Production, in the outline of industrial organization, the act of making products ( ...
. It is the aggregate of gross value added
In economics
Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods an ...
(GVA) of all resident producer units in the region, and analogous to national gross domestic product
Gross domestic product (GDP) is a monetary
Image:National-Debt-Gillray.jpeg, In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in the ...
. The GRDP includes regional estimates on the three major sectors including their sub-sectors, namely:
*Agriculture
Agriculture is the science, art and practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary
Image:Family watching television 1958.jpg, Exercise trends, Increases in sedentary behaviors su ...
, fishery
Fishery can mean either the enterprise of raising or harvesting fish
Fish are , , -bearing animals that lack with . Included in this definition are the living , s, and and as well as various extinct related groups. Around 99% of living ...
and forestry
Forestry is the science and craft of creating, managing, planting, using, conserving and repairing forest
A forest is an area of land dominated by tree
In botany, a tree is a perennial plant with an elongated Plant stem, ste ...
*Industry
Industry may refer to:
Economics
* Industry (economics)
In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. For example, one might refer to the wood industry ...
sector: Mining
Mining is the extraction of valuable mineral
In geology and mineralogy, a mineral or mineral species is, broadly speaking, a solid chemical compound with a fairly well-defined chemical composition and a specific crystal structure that occu ...
and quarrying, manufacturing
Manufacturing is the creation or Production (economics), production of goods with the help of equipment, Work (human activity), labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector ...
, construction
Construction is a general term meaning the and to form , , or ,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and comes from ''constructio'' (from ''com-' ...
, electricity
Electricity is the set of physical
Physical may refer to:
*Physical examination, a regular overall check-up with a doctor
*Physical (album), ''Physical'' (album), a 1981 album by Olivia Newton-John
**Physical (Olivia Newton-John song), "Physi ...
, and water
Water (chemical formula H2O) is an , transparent, tasteless, odorless, and , which is the main constituent of 's and the s of all known living organisms (in which it acts as a ). It is vital for all known forms of , even though it provide ...
*Service sector
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sector
Image:Economic sectors and income.JPG, 250px, This figure illustrates the percentages of a country's economy made up by differen ...
: Transport
Transport (in British English), or transportation (in American English), is the Motion, movement of humans, animals, and cargo, goods from one location to another. In other words, the action of transport is defined as a particular movement of ...
, communication
Communication (from Latin
Latin (, or , ) is a classical language
A classical language is a language
A language is a structured system of communication
Communication (from Latin ''communicare'', meaning "to share" or "to b ...
, and storage, trade
Trade involves the transfer of goods from one person or entity to another, often in exchange for money. Economists refer to a system
A system is a group of Interaction, interacting or interrelated elements that act according to a set of r ...
, finance
Finance is a term for the management, creation, and study of money
In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in the left corn ...
, ownership of dwellings and real estate, private government services
"The GRDP is usually presented in nominal 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."
References
External links
Eurostat - Statistics Explained: GDP at regional level
(European regions at NUTS 2 level) Gross domestic product {{macroeconomics-stub