Provincial and Territorial Gross Domestic Product
Gross domestic product (GDP) is the total unduplicated value of the goods and services produced in the economic territory of a country or region during a given period. In the case of the provincial and territorial economic accounts, the economic territory is defined by the provincial and territorial geographic boundaries. GDP by province or territory provides a wealth of information. This aggregate is often referred to as the economic report card of a region. The level of GDP reveals comparable information about the size of the provincial or territorial economy, while the change in GDP from one period to another period indicates whether the provincial or territorial economy is expanding or contracting.
GDP by province or territory can be measured in three ways, referred to as the production approach, income approach and expenditure approach. Each approach provides a unique perspective on economic activity.