Gross metropolitan product
Encyclopedia
Gross Metropolitan Product (GMP) or Gross Regional Product (GRP) is one of several measures of the size of the economy
of a metropolitan area
. Similar to gross domestic product (GDP)
, GMP is defined as the market value of all final goods and services produced within a metropolitan area in a given period of time, which is usually one year.
within the United States Department of Commerce
.
Economy
An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...
of a metropolitan area
Metropolitan area
The term metropolitan area refers to a region consisting of a densely populated urban core and its less-populated surrounding territories, sharing industry, infrastructure, and housing. A metropolitan area usually encompasses multiple jurisdictions and municipalities: neighborhoods, townships,...
. Similar to gross domestic product (GDP)
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
, GMP is defined as the market value of all final goods and services produced within a metropolitan area in a given period of time, which is usually one year.
In the United States
GMP is calculated annually by the Bureau of Economic AnalysisBureau of Economic Analysis
The Bureau of Economic Analysis is an agency in the United States Department of Commerce that provides important economic statistics including the gross domestic product of the United States. Its stated mission is to "promote a better understanding of the U.S...
within the United States Department of Commerce
United States Department of Commerce
The United States Department of Commerce is the Cabinet department of the United States government concerned with promoting economic growth. It was originally created as the United States Department of Commerce and Labor on February 14, 1903...
.
See also
- List of metropolitan areas in the European Union by GDP
- List of metropolitan areas in the United States by GMP