Gross state product (GSP), or gross regional product (GRP), is a measurement of the economic output of a state or province (i.e., of a subnational entity). It is the sum of all value added by industries within the state and serves as a counterpart to the gross domestic product (GDP).
Conceptually, there is no difficulty in taking the definition of GDP for a nation and applying it to a smaller jurisdiction such as a state, or even a local government area. In practice, however, flows of goods, services, labour and capital across state boundaries (i.e., flows within a nation) are generally not measured with any great accuracy. By contrast, flows across national boundaries are normally recorded as part of the ordinary operations of government. As a result, it is often hard to measure the value added within a state, since this requires netting out 'imports' from other states, and including 'exports' to other states. Similarly, it is difficult to measure the income accruing to factors of production (labour and capital) within a given state.
Famous quotes containing the words gross, state and/or product:
“We perceive no charms that are not sharpened, puffed out, and inflated by artifice. Those which glide along naturally and simply easily escape a sight so gross as ours.”
—Michel de Montaigne (1533–1592)
“... the idea of a classless society is ... a disastrous mirage which cannot be maintained without tyranny of the few over the many. It is even more pernicious culturally than politically, not because the monolithic state forces the party line upon its intellectuals and artists, but because it has no social patterns to reflect.”
—Agnes E. Meyer (1887–1970)
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—William Burroughs (b. 1914)