What is Gross Domestic Product (GDP)?
The Bureau of Economic Analysis (BEA) defines GDP as follows: GDP is the value added in production by the labor and property located in a state. GDP for a State is derived as the sum of the gross state product originating in all industries in a State. In concept, an industry’s GDP, referred to as its “value added”, is equivalent to its gross output (sales or receipts and other operating income, commodity taxes, and inventory change) minus its intermediate inputs (consumption of goods and services purchased from other U.S. industries or imported). The State GDP (formerly called the Gross State Product or GSP) is the state counterpart of the nation’s GDP product, BEA’s featured measure of U.S. output. In practice, GDP estimates are measured as the sum of the costs incurred and incomes earned in the production of GDP, e.g. the net cost of production. State GDP data are published only at the state-level and for industry aggregations greater than used in the Ocean Economy definition. In ord
