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)
“Our object in the construction of the state is the greatest happiness of the whole, and not that of any one class.”
—Plato (c. 427–347 B.C.)
“The end product of child raising is not only the child but the parents, who get to go through each stage of human development from the other side, and get to relive the experiences that shaped them, and get to rethink everything their parents taught them. The get, in effect, to reraise themselves and become their own person.”
—Frank Pittman (20th century)