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 weary, stale, flat, and unprofitable
Seem to me all the uses of this world!
Fie on’t, ah fie! ‘tis an unweeded garden
That grows to seed, things rank and gross in nature
Possess it merely.”
—William Shakespeare (1564–1616)
“A work in progress quickly becomes feral. It reverts to a wild state overnight. It is barely domesticated, a mustang on which you one day fastened a halter, but which now you cannot catch. It is a lion you cage in your study. As the work grows, it gets harder to control; it is a lion growing in strength. You must visit it every day and reassert your mastery over it. If you skip a day, you are, quite rightly, afraid to open the door to its room.”
—Annie Dillard (b. 1945)
“The product of the artist has become less important than the fact of the artist. We wish to absorb this person. We wish to devour someone who has experienced the tragic. In our society this person is much more important than anything he might create.”
—David Mamet (b. 1947)