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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 2003-04 was $13,479 million, an increase of $388 million or 3.0% on the 2002-03 figure. Of the $13,479 million GSP recorded in 2003-04, the largest component, $10,261 million (76.1% of total), was from household final consumption expenditure. Some $3,260 million (24.2% of total) was from government final consumption expenditure.

COMPONENTS OF GROSS STATE PRODUCT, Tasmania - Chain Volume Measures(a)
	1999-2000	2000-01	2001-02	2002-03	2003-04
	$m	$m	$m	$m	$m
Government final consumption expenditure	2,919	2,982	3,117	3,207	3,260
Household final consumption expenditure	8,572	8,824	9,098	9,493	10,261
Private gross fixed capital formation	1,496	1,559	2,081	2,188	2,554
Public corporations gross fixed capital formation	267	216	526	333	393
General government gross fixed capital formation	265	288	330	338	316
State final demand	13,511	13,858	15,157	15,560	16,785
International trade - exports of goods	2,235	2,306	2,344	2,458	2,306
Less international trade - imports of goods	456	476	492	763	756
International trade - exports of services	190	163	174	166	182
Less international trade - imports of services	197	209	232	179	177
Balancing item(b)	-2,951	-3,421	-4,190	-4,151	-4,860
Gross State Product(c)	12,331	12,222	12,760	13,091	13,479
(a) Reference year for chain volume measures is 2002-03. (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 (E). (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).