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:
“Hunger is never delicate; they who are seldom gorged to the full with praise may be safely fed with gross compliments, for the appetite must be satisfied before it is disgusted.”
—Samuel Johnson (1709–1784)
“Navajo men and boys have an odd way of showing their friendship. When two young men meet at the trading post, a “Sing”, or a dance they greet each other, inquire about the health of their respective families, then stand silently some ten or fifteen minutes while one feels the other’s arms, shoulders, and chest.”
—Administration in the State of Ariz, U.S. public relief program (1935-1943)
“Much of our American progress has been the product of the individual who had an idea; pursued it; fashioned it; tenaciously clung to it against all odds; and then produced it, sold it, and profited from it.”
—Hubert H. Humphrey (1911–1978)