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 cowboy ... is well on his way to becoming a figure of magnificent proportions. Bowlegged and gaunt, he stands as the apotheosis of manly perfection. Songs, novels, movies, magazines, and operettas have made the least inquiring of us well acquainted with his extraordinary courage, unfailing gallantry, and uncanny skill with gun or lariat. The farmer, meanwhile, sits stolidly on his tractor, bereft of romance and adventure.”
—For the State of Kansas, U.S. public relief program (1935-1943)
“The site of the true bottomless financial pit is the toy store. It’s amazing how much a few pieces of plastic and paper will sell for if the purchasers are parents or grandparent, especially when the manufacturers claim their product improves a child’s intellectual or physical development.”
—Lawrence Kutner (20th century)