Gross Domestic Product (GDP) is the most comprehensive measure of the output (product) from all industries within a county. Like its widely followed national-level GDP counterpart, GSP represents a market valuation of the goods and services—both private and public—produced within a county economy.

Real State GDP is an inflation-adjusted measure based on the national prices of the goods and services produced within a county. BEA applies implicit GDP price deflators for individual industries nationally to their corresponding county current dollar industry GDP counterpart estimates. Implicitly, this assumes county industry sales are at national prices.

Think of Real GDP as calibrating an inflation adjusted measure “producing power” of a county by the place-of-work of those workers employed within that county although they may reside elsewhere. Real County Personal Income, by contrast, is representative the “purchasing power” of those that reside within a county although they may work elsewhere.

For a more detailed and technical explanation of the current and constant dollar estimates of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the BEA website on this topic.