Economy of Oklahoma

The economy of Oklahoma is the 29th largest in the United States. Oklahoma's gross state product (GSP) is approximately $197.2 billion as of December 2018.

Economy of Oklahoma
Flag of Oklahoma
CurrencyUS$ (USD)
July 1 - June 30
Statistics
GDP$197.2 billion (nominal, 2018)[1]
GDP rank29th (2016)
GDP growth
4.2% (2018)[2]
GDP per capita
$43,449(2017)[3]
GDP by sector
Agriculture 1%
Industry 27%
Services 72%
Population below poverty line
15.9% (2011)[4]
0.461 (2013) [5]
Labor force
1,868,500 (2015)[6]
Labor force by occupation
Agriculture 4%
Industry 16%
Services 80%
Unemployment3.9% (2015)[7]
External
Exports$6.3 billion (2014) [8]
Main export partners
 Canada 30.2%
 Mexico 9.5%
 Japan 4.7%
 China 4.3%
Imports$13.6 billion (2014)[9]
Main import partners
 Canada 47.8%
 China 19.9%
 Mexico 7.4%
 Japan 2.9%
Public finances
$1.9 billion; 1% of GDP (2015)[10]
Revenues$17.5 billion (FY2014)[11]
(Federal Grants 38.3%, Income Tax 19.1%, Sales Tax 14.8%, Other 30.2%)
Expenses$17.5 billion (FY2014)[12]
(Health Services 32.6 %, Education 25.1%, Social Services 12.7%, Gov't Admin 12.7%, Public Safety 4.6%, Debt Service 2.3%, Other 10.1%)

All values, unless otherwise stated, are in US dollars.

GSP

Historical GSP

The history of Oklahoma's GSP according to the Bureau of Economic Analysis, in nominal terms, with percentage of total to GDP of the United States:[14]

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
OK GDP 97.7 99.5 106.1 114.2 125.1 136.8 144.3 157.5 143.5 152.1 162.1 169.3 176.4 183.5 183.1 185.6
% of US GDP 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.1 1.0 1.0 1.1 1.1 1.1 1.1 1.1 1.1

GSP growth

The development of the Oklahoma's GSP according to the Bureau of Economic Analysis, in nominal terms, with comparison to growth of the economy of the United States:[15][16]

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
% change of OK GDP 6.1 1.8 6.6 7.6 9.5 9.4 5.5 9.1 -8.9 6.0 6.6 4.4 4.2 4.0 4.2
% change of US GDP 3.9 2.8 4.6 7.0 6.6 6.2 4.3 1.4 -2.1 4.2 3.4 4.5 3.7 3.6 3.6

GDP by industry

Industries value added to Oklahoma GDP in Q4 2016. Sectors percentages are compared to sector percentages of United States GDP.[17]

SectorOK value ($ billions)Sector % of OK GDPSector % of US GDP
Agriculture2.2321.2%1%
Mining20.18210.9%3%
Utilities4.5502.5%2% Construction8.1464.4%4%
Manufacturing17.7519.6%12%
Trade21.68811.7%12%
Transportation10.2995.5%3%
Information4.3032.3%5%
Finance25.53413.8%20%
Professional16.0178.6%12%
Education and Health14.6317.9%8%
Entertainment6.6383.6%4%
Other Services4.0762.2%2%
Government29.55215.9%12%
Total185.602100%100%

Employment

Taxes
Main article: Taxation in Oklahoma
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See also

References
  1. "Oklahoma Gross Domestic Product" (PDF). Bureau of Economic Analysis. Retrieved 2015-09-03.
  2. "Gross Domestic Product by State, 2nd quarter 2018". Bureau of Economic Analysis. 2018. Retrieved 2019-02-10.
  3. "Graph: Per Capita Personal Income in Oklahoma (OKPCPI)". Federal Reserve Bank of St. Louis. Retrieved 2015-09-02.
  4. "State Rankings-Statistical Abstract of the United States-Persons Below Poverty Level". United States Census Bureau. Archived from the original on 2011-08-17. Retrieved 2015-09-02.
  5. "Gini Index of Income Inequality". United States Census Bureau. Archived from the original on 2020-02-14. Retrieved 2015-09-02.
  6. "Civilian Labor Force in Oklahoma". Federal Reserve Bank of St. Louis. 2015-07-21. Retrieved 2015-09-02.
  7. "Oklahoma Economy at a Glance". United States Department of Labor. 2015-09-02. Retrieved 2015-09-02.
  8. "State Exports from Oklahoma". United States Census Bureau. Retrieved 2015-09-02.
  9. "State Imports from Oklahoma". United States Census Bureau. Retrieved 2015-09-02.
  10. "State of Oklahoma Outstanding Tax-Backed Obligations" (PDF). Oklahoma State Bond Advisor. Archived from the original (PDF) on 2015-09-03. Retrieved 2015-09-02.
  11. "State of Oklahoma Comprehensive Annual Financial Report 2014" (PDF). Oklahoma Office of Management and Enterprise Services. Retrieved 2015-09-02.
  12. "State of Oklahoma Comprehensive Annual Financial Report 2014" (PDF). Oklahoma Office of Management and Enterprise Services. Retrieved 2015-09-02.
  13. "State of Oklahoma Bond Ratings" (PDF). Oklahoma State Bond Advisor. Archived from the original (PDF) on 2015-05-19. Retrieved 2015-09-02.
  14. "Gross Domestic Product by State" (PDF). Bureau of Economic Analysis. Retrieved 2015-11-28.
  15. "Gross Domestic Product by State" (PDF). Bureau of Economic Analysis. Retrieved 2015-11-28.
  16. "GDP growth (annual %)". Data.worldbank.org. Retrieved 8 December 2014.
  17. "Oklahoma Gross Domestic Product". Bureau of Economic Analysis. Retrieved 2015-09-03.
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