Due to the crisis in the global economy, the challenges to the economic growth of a region and development of investment and innovation activities at the regional level have recently become more relevant. Gross Regional Product reflects the market value of all final goods and services produced over a year in all sectors of the economy of a region. The rate of its growth characterizes the macroeconomic dynamics of a region, demonstrating the development of industrial production, agriculture, construction, capital investments, retail, communications and fee-based services. However, the sectoral structure of the Gross Regional Product is very important; its analysis reveals the added value broken down by industries and institutional sectors and enables to estimate their impact on the volume and dynamics of the GRP. The aim of this work is to analyze the composition, structure and dynamics of Gross Regional Product of a region, as well as the ways to increase its share in the Gross Domestic Product of the State. On the basis of the grouping method and statistical generalization, the author analyzed the share of regional product in the gross domestic product of the Russian Federation, the dynamics and sectoral structure of GDP, which enables to identify the added value by industries and institutional sectors and to assess their impact on the macroeconomic dynamics of the region. The article reveals some problems in the sphere of regional investment activity and offers possible solutions at the legislative level. The author emphasizes the main areas of the national economy modernization through the implementation of priority investment projects focused on jobs creation in industry, agriculture, construction and service industries. Socio-economic development of the constituent entity of the Russian Federation and an increase of its share in the Gross Domestic Product of the Russian Federation are connected with stepping up investment activity in a region based on regional legal framework enhancement for investment and innovation, creation of an effective mechanism of public-private partnership and institutions for entrepreneurship support and development.
Keywords: gross regional product, added value, industrial production index, production structure, modernization, economy
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