Gross Regional Product (GRP) measures the final market value of all goods and services produced in the region. It is essentially GDP for any region smaller than the United States. It is one of the most commonly cited metrics to assess the size of the economy and rate of growth.
Output is equal to the value of an industry's production, which is sales plus net inventory change. For wholesale and retail sectors, output is equal to gross wholesale margin or gross retail margin, not gross sales. The value of production for wholesale and retail sectors is the value of the services they provide; it does not include the value of the items sold within their establishment.
