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:
“Pure innovation is more gross than error.”
—George Chapman (1559–1634)
“Mead had studied for the ministry, but had lost his faith and took great delight in blasphemy. Capt. Charles H. Frady, pioneer missionary, held a meeting here and brought Mead back into the fold. He then became so devout that, one Sunday, when he happened upon a swimming party, he shot at the people in the river, and threatened to kill anyone he again caught desecrating the Sabbath.”
—For the State of Nebraska, U.S. public relief program (1935-1943)
“Evil is committed without effort, naturally, fatally; goodness is always the product of some art.”
—Charles Baudelaire (1821–1867)