Economy of Oklahoma facts for kids
Flag of Oklahoma
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|
| Currency | US$ (USD) |
|---|---|
| July 1 - June 30 | |
| Statistics | |
| GDP | $200.2 billion (nominal, Q1 2020) |
| GDP rank |  30th (Q1 2020) |
|
GDP growth
|
4.0% (2020) |
|
GDP per capita
|
$50,594 (2020 est) |
|
GDP by sector
|
Agriculture 2% Industry 34% Services 64% |
|
Population below poverty line
|
15.2% (2011) |
|
Labor force
|
 1.9 million (Q1 2020) |
|
Labor force by occupation
|
Agriculture 1% Industry 16% Services 83% |
| Unemployment | ▲ 5.7% (Q3 2020) |
|
Average gross salary
|
$45,620 (Q2 2019) |
|
Median gross salary
|
$35,734 (Q2 2019) |
| External | |
| Exports | $5.4 billion (2020) |
|
Export goods
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Aircraft engines, motor vehicles, precious metals, pork meat |
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Main export partners
|
 Canada 27% Mexico 9% Germany 9% Japan 5% |
| Imports | ▼ $10.8 billion (2020) |
|
Import goods
|
Crude Oil, turbojets, computers |
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Main import partners
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Canada 40% China 22% Mexico 7% Germany 4% |
| Public finances | |
|
Public debt
|
▲ $2.1 billion; 1% of GDP (2020) |
| Revenues | $19.8 (FY2020) (Taxation 49.3%, Federal Grants 38.9%, Other 11.8%) |
| Expenses | $19.8 billion (FY2014) (Health Services 31.3 %, Education 26.1%, Social Services 12.4%, Gov't Admin 10.9%, Public Safety 4.6%, Debt Service 1.4%, Other 13.3%) |
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Credit rating
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All values, unless otherwise stated, are in US dollars. |
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The economy of Oklahoma is the 29th largest in the United States. Oklahoma's gross state product (GSP) is approximately $197.2 billion as of December 2018.
Contents
Data
Historical data
The history of Oklahoma's GSP according to the Bureau of Economic Analysis and the United States Census Bureau
| Year | Nominal GSP (in bil. US-Dollar) |
GSP growth (in percent) |
Population (in thousands) |
Population growth (in percent) |
GSP per capita (in US Dollars) |
Unemployment (in percent) |
State Government spending (in % of GSP) |
State Government debt (in % of GSP) |
Current account balance (in % of GSP) |
|---|---|---|---|---|---|---|---|---|---|
| 2020 | 185.9 |
-8.0 |
3,981 |
0.6 |
46,697 |
▲ 4.7 | 10.7 |
4.6 |
-2.9 |
| 2019 | 201.3 |
1.7 |
3,957 |
0.4 |
51,049 |
▼ 3.0 | 8.2 |
4.1 |
-2.8 |
| 2018 | 198.6 |
7.1 |
3,940 |
0.2 |
50,406 |
▼ 3.2 | 8.8 |
4.2 |
-2.6 |
| 2017 | 185.5 |
0.7 |
3,931 |
0.1 |
47,189 |
▼ 3.8 | 9.4 |
4.3 |
-2.3 |
| 2016 | 177.8 |
-3.4 |
3,926 |
0.4 |
45,288 |
▲ 4.5 | 10.1 |
4.2 |
|
| 2015 | 184.1 |
-4.9 |
3,910 |
0.8 |
47,084 |
▼ 4.4 | 9.5 |
4.1 |
|
| 2014 | 193.5 |
6.4 |
3,878 |
0.6 |
49,897 |
 5.0 |
9.0 |
3.4 |
|
| 2013 | 181.9 |
5.0 |
3,853 |
0.9 |
47,210 |
▼ 5.0 | 9.3 |
3.5 |
|
| 2012 | 173.2 |
4.9 |
3,819 |
0.8 |
45,352 |
▼ 5.1 | 9.6 |
3.9 |
|
| 2011 | 165.1 |
7.8 |
3,788 |
1.7 |
43,585 |
▼ 5.4 | 10.1 |
4.3 |
|
| 2010 | 153.2 |
-4.1 |
3,724 |
1.0 |
41,139 |
▼ 6.1 | 10.8 |
||
| 2009 | 159.8 |
0.0 |
3,686 |
1.3 |
43,353 |
▲ 7.0 | 10.1 |
||
| 2008 | 159.8 |
10.4 |
3,640 |
0.9 |
43,901 |
▲ 4.7 | 9.4 |
||
| 2007 | 144.8 |
5.8 |
3,609 |
1.4 |
40,122 |
▼ 3.6 | 9.7 |
GSP by industry
Industries value added to Oklahoma GDP in Q1 2020. Sectors percentages are compared to sector percentages of United States GDP.
| Sector | OK value ($ billions) | Sector % of OK GDP | Sector % of US GDP |
|---|---|---|---|
| Agriculture | 4.4 | 2.2% | 1% |
| Mining | 45.0 | 22.5% | 3% |
| Construction | 5.6 | 2.8% | 2% |
| Manufacturing | 16.6 | 8.3% | 4% |
| Trade, Transportation, and Utilities | 35.8 | 17.9% | 12% |
| Information | 5.2 | 2.6% | 5% |
| Finance | 22.0 | 11.0% | 20% |
| Professional | 16.4 | 8.2% | 12% |
| Education and Health | 14.0 | 7.0% | 8% |
| Entertainment | 5.4 | 2.7% | 4% |
| Other Services | 3.4 | 1.7% | 2% |
| Government | 27.8 | 13.9% | 12% |
| Total | 200.2 | 100% | 100% |
Employment
There were approximately 1.8 million in the Oklahoma labor force in 2018. The private sector employs 90% of working Oklahomans, with the government (federal, state, and local) employing 9%. The largest employer in the state is the United States Department of Defense, which employs approximately 69,000 workers or 3.8% of all working Oklahomans. The largest private employer is Walmart, which employs approximately 32,000 workers or 1.8% of all working Oklahomans.
As of 2019, the top 20 employers in the State of Oklahoma were:
| # | Employer | # of employees |
|---|---|---|
| 1 | United States Department of Defense | 69,000 |
| 2 | Walmart | 32,200 |
| 3 | University of Oklahoma | 17,800 |
| 4 | Chickasaw Nation | 11,300 |
| 5 | Choctaw Nation of Oklahoma | 10,000 |
| 6 | Integris Health | 8,900 |
| 7 | Cherokee Nation | 8,500 |
| 8 | Oklahoma State University | 8,200 |
| 9 | United States Postal Service | 6,900 |
| 10 | Hobby Lobby | 6,400 |
| 11 | Oklahoma Department of Human Services | 6,600 |
| 12 | Mercy Health | 6,300 |
| 13 | Saint Francis Hospitals | 6,200 |
| 14 | Tulsa Public Schools | 5,900 |
| 15 | United States Department of Veterans Affairs | 5,800 |
| 16 | Braum's | 5,400 |
| 17 | American Airlines | 5,200 |
| 18 | Lowe's | 5,100 |
| 19 | Oklahoma City Public Schools | 5,000 |
| 20 | City of Oklahoma City | 4,800 |
Taxes
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Economy of Oklahoma Facts for Kids. Kiddle Encyclopedia.