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Economic development states that to see the pace of development of a State and the development of the welfare level of its people, the increment of regional income and income per capita from time to time must be calculated [11]: Real GRDP (at Constant Prices) is used to measure the economic growth because GRDP value is not affected by price change with formula as the following:
While the per capita GRDP in the North Gyeongsang province grew by only three percent, Ulsan and South Geyongsang provinces marked about eleven percent growth.
GRDP data are obtained from the Statistics Korea, the national statistics office in South Korea.
Here, the ratio of total domestic and foreign import-exports to GRDP from the BPS's regional account is utilised as a proxy of trade openness, following Amiti and Cameron (2004) at the manufacturer level.
Similar to that on the macroeconomy, the simulations show that most regions would experience a decline in their GRDP due to higher food prices at the global level, except for energy-rich provinces in Sumatera and Other Regions.
We adjudicate between these two possibilities using data on regency-level GRDP since decentralization.
Outside Java, the agricultural sector provides a dominant share of GRDP even though its role has declined over the years.
Sadly, the Autonomous Region in Muslim Mindanao trailed with a mere 3-percent GRDP growth, the worst performer other than the disaster-hit Eastern Visayas.
The GRDP or the regional economy is the total production of goods and services in the domestic territory of the region.
1 percent growth compared to the estimated P134 billion GRDP in 2015.
The GRDP is the sum of goods and services produced in a region and is used as a measure of economic performance.
GRDP measures the economic performance of a region in terms of goods and services produced.