State Domestic Product, or SDP, is the total value of goods and services produced during any financial year within the geographical boundaries of a state. Also called the state income, SDP is always calculated or estimated in monetary terms, and is instrumental in the evaluation of per capita income. State here refers to a country subdivision, as in the states of the United States and the states of India. While GDP gives a good estimate of the entire nation's output, SDP provides more detailed economic details about subnational territories.
Famous quotes containing the words state, domestic and/or product:
“To educate the wise man, the State exists; and with the appearance of the wise man, the State expires. The appearance of character makes the state unnecessary. The wise man is the State.”
—Ralph Waldo Emerson (1803–1882)
“Foreign policy is really domestic policy with its hat on.”
—Hubert H. Humphrey (1911–1978)
“The product of mental labor—science—always stands far below its value, because the labor-time necessary to reproduce it has no relation at all to the labor-time required for its original production.”
—Karl Marx (1818–1883)