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gross regional product
(GRP)
“gross state domestic product”
(GSDP)
.
*’gross state product’ (GSP), is a measurement of the ‘economic output’ of a ‘state’ or ‘province’*
(ie of a ‘subnational entity’)
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(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, labor 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’ (‘labor’ + ‘capital’) within a given ‘state’)
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*.
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