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:
“How fearful
And dizzy ‘tis, to cast one’s eyes so low!
The crows and choughs that wing the midway air
Show scarce so gross as beetles. Half way down
Hangs one that gathers samphire, dreadful trade!”
—William Shakespeare (1564–1616)
“What should concern Massachusetts is not the Nebraska Bill, nor the Fugitive Slave Bill, but her own slaveholding and servility. Let the State dissolve her union with the slaveholder.... Let each inhabitant of the State dissolve his union with her, as long as she delays to do her duty.”
—Henry David Thoreau (1817–1862)
“Labor is work that leaves no trace behind it when it is finished, or if it does, as in the case of the tilled field, this product of human activity requires still more labor, incessant, tireless labor, to maintain its identity as a “work” of man.”
—Mary McCarthy (1912–1989)