Gross state product (or gross regional product) is a measurement of the economic output of a state A federated state, commonly simply referred to as a state, is a territorial and constitutional community forming part of a federal union. Such states differ from sovereign states, in that they have transferred a portion of their sovereign powers to a federal government. A federated state holds administrative jurisdiction over a defined geographic or province A province is a territorial unit, almost always an administrative division, within a country or state. It is the sum of all value added In economics, the difference between cost of materials and labor to produce a product, and the sale price of a product is the value added. In national accounts used in macroeconomics, it refers to the contribution of the factors of production, i.e., land, labor, and capital goods, to raising the value of a product and corresponds to the incomes by industries within the state and serves as a counterpart to the gross domestic product The gross domestic product or gross domestic income (GDI) is a basic measure of a country's overall economic performance. It is the market value of all final goods and services made within the borders of a country in a year. It is often positively correlated with the standard of living, though its use as a stand-in for measuring the standard of or 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 are not measured with any great accuracy. By contrast, flows 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.
See also
- List of U.S. states by GSP This article presents a list of U.S. states sorted by their gross state product . GSP is the state counterpart of the national gross domestic product (GDP), the most comprehensive measure of national economic activity. The United States Bureau of Economic Analysis (BEA) derives GSP for a state as the sum of the GSP originating in all the
- List of Australian states by GSP
- List of Brazilian states by GSP
- List of Canadian provinces by GSP This article lists Canadian provinces and territories by gross domestic product. As of 2006, Canada has a total gross domestic product of C$1.439 trillion ranking 8th in the world or (at purchasing power parity (PPP) roughly US$1.164 trillion, ranking 12th in the world. GDP per capita — essentially total GDP divided by population — for Canada
- List of China administrative divisions by GDP
- List of Indian states by GSP
- List of Mexican states by GSP
- List of Chilean regions by GSP per capita
- List of Spanish autonomous communities by GSP per capita
- List of Argentine provinces by GSP
- Comparison between U.S. states and countries nominal GDP This is a comparison between US states and countries' nominal Gross Domestic Product. Many of the states of the United States have large Gross Domestic Product which would rank highly on a list of countries world GDP. For instance, California would have the 7th highest GDP in the world if thought of as a country (not including the US as a whole,
- Comparison between U.S. states and countries by GDP (PPP) This is a comparison between U.S. states and countries by Gross Domestic Product . Many of the states of the United States have large Gross Domestic Product (called gross state product) which would rank highly on a list of countries world GDP. All data is for the year 2005
- Gross State Domestic Product of Indian states
References
Categories: Economic indicators | National accounts | Gross state product
