The most important finding in this Report is that City of Prospect contains two distinctly different economies: an economy of the activities that are carried on within the region (Prospect's Gross Regional Product [GRP]), and an economy of the activities that are carried on by the residents of Prospect (Prospect's Gross Residents' Product [GResP]1). Prospect's GResP has grown much faster than Prospect's GRP over the period from 1991 to 2006.
This means that the dynamic economic capability offered by Prospect's residents has not been effectively captured by the businesses and other productive activities that are located in Prospect.
Prospect's Gross Regional Product (GRP) is presently estimated to be $350 million, which represents 0.5 per cent of South Australia's Gross State Product (GSP).
Prospect's Gross Residents' Product (GResP) is presently estimated to be $1004 million, which represents 1.5 per cent of South Australia's GSP.
For a relatively small council region this is a significant contribution to the state's wealth, with enormous potential for local based businesses to tap into a source of riches seemingly undiminished by recent global financial turmoil.
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