Industry Gross Regional Product Contribution

What does Industry Gross Regional Product tell us?

Industry GRP Contribution identi!es the value of !nal goods and services produced in the local economy and provides an insight into the size of the economy and the key industries that are creating value in the region. Industry GRP also highlights any reliance and dominance of particular sectors within a region. Analysing trends can help to identify future growth or decline in particular sectors.

What does Blayney’s Industry Gross Regional Product tell us?

Blayney’s GRP for 2010-2011 totalled $293.32 million with the largest sector contributors being Agriculture, forestry and fishing; Manufacturing; and Wholesale trade. Table 8.0 below highlights the top five contributors. The table also illustrates that these sectors with the exception of Wholesale Trade, in fact experienced a slight decline in $ value contribution between 2010 and 2011.

Wholesale Trade and Financial and insurance services both showed the greatest increase in GRP contribution to the Blayney economy. This can be due to an increase in the number of such businesses within the area also reflected by an increase in job numbers. 

What opportunities does Blayney’s Industry GRP contribution present?

Those sectors contributing the most in terms of GRP, present opportunities in the further development of these industries through business expansion, clustering of business activities and associated benefits of economies of scale. Those sectors showing signs of growth, present additional opportunities for business growth and investment including businesses which service these growing sectors. Opportunities also exist to explore the alternative energy sector and to develop locally based support services in particular for the mining sector such as logistics firms, equipment and personnel hire and general business support services.