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Gross State Product (GSP) is the total market value of goods and services produced in Tasmania within a given period after deducting the cost of goods and services used up in the process of production, but before deducting allowances for the consumption of fixed capital.

Tasmania's Gross State Product (GSP) for 2005-06 was $16.5 billion, an increase of $492.0 billion or 3.1% on the 2004-05 figure. Of the $16.5 billion GSP recorded in 2005-06, the largest component, $11.2 billion (67.9% of total), was from household final consumption expenditure. Some $4.0 billion (24.3% of total) was from government final consumption expenditure.

COMPONENTS OF GROSS STATE PRODUCT, Tasmania - Chain Volume Measures(a)
	2000-01	2001-02	2002-03	2003-04	2004-05	2005-06
	$m	$m	$m	$m	$m	$m
Government final consumption expenditure	3382	3512	3607	3800	3900	4017
Household final consumption expenditure	9071	9342	9586	10253	10862	11243
Private gross fixed capital formation	1861	2379	2458	2905	3319	3679
Public corporations gross fixed capital formation	225	551	363	434	409	460
General government gross fixed capital formation	299	340	355	360	472	461
State final demand	14835	16129	16367	17751	18962	19860
International trade - exports of goods	2576	2618	2746	2578	2641	2574
Less international trade - imports of goods	431	443	686	679	601	498
International trade - exports of services	329	283	281	283	319	353
Less international trade - imports of services	183	240	172	186	226	206
Balancing item(b)	-3313	-3767	-3611	-4329	-5041	-5537
Gross State Product(c)	13813	14580	14926	15418	16054	16546
(a) Reference year for chain volume measures is 2004-05. (b) Calculated as the residual of GSP less state final demand less international trade in exports of goods and services, plus international trade in imports of goods and services. The balancing item implicitly comprises changes in inventories, total net interstate trade and statistical discrepancy. (c) Experimental series. Users are cautioned that these estimates are derived indirectly by calculating a deflator from the expenditure component of the state series concerned. Therefore, in general, the sum of the state estimates does not equal the estimates for Australia. It is emphasised that, at times, there may be movements that cannot be fully explained in the chain volume estimates of GSP through the use of this proxy deflator (see Technical Note on page vi of the 1993-94 issue of Australian National Accounts: State Accounts - cat. no. 5220.0). Source: Australian National Accounts, State Accounts (cat. no. 5220.0).