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
|
Aircraft engines, motor vehicles, precious metals, pork meat |
Main export partners
|
Canada 27% Mexico 9% Germany 9% Japan 5% |
Imports | ▼ $10.8 billion (2020) |
Import goods
|
Crude Oil, turbojets, computers |
Main import partners
|
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%) |
Credit rating
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|
All values, unless otherwise stated, are in US dollars. |
The economy of Oklahoma is the 29th largest in the United States. Oklahoma's gross state product (GSP) is approximately $197.2 billion as of December 2018.
Contents
GSP
Historical GSP
The history of Oklahoma's GSP according to the Bureau of Economic Analysis, in nominal terms, with percentage of total to GPD of the
United States:
Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OK GDP | 97.7 | 99.5 | 106.1 | 114.2 | 125.1 | 136.8 | 144.3 | 157.5 | 143.5 | 152.1 | 162.1 | 169.3 | 176.4 | 183.5 | 202.5 |
% of US GDP | 0.9 | 0.9 | 0.9 | 0.9 | 1.0 | 1.0 | 1.0 | 1.1 | 1.0 | 1.0 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
GSP growth
The development of the Oklahoma's GSP according to the Bureau of Economic Analysis, in nominal terms, with comparison to growth of the economy of the United States:
Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
% change of OK GDP | 6.1 | 1.8 | 6.6 | 7.6 | 9.5 | 9.4 | 5.5 | 9.1 | -8.9 | 6.0 | 6.6 | 4.4 | 4.2 | 4.0 | 4.2 |
% change of US GDP | 3.9 | 2.8 | 4.6 | 7.0 | 6.6 | 6.2 | 4.3 | 1.4 | -2.1 | 4.2 | 3.4 | 4.5 | 3.7 | 3.6 | 3.6 |
GDP by industry
Industries value added to Oklahoma GDP in 2014. Sectors percentages are compared to sector percentages of United States GDP.
Industry | OK GDP value ($ billions) | Sector % of OK GDP | Sector % of US GDP |
---|---|---|---|
Agriculture | 2.8 | 2% | 1% |
Mining | 27.2 | 15% | 3% |
Utilities | 5.9 | 3% | 2% |
Construction | 7.3 | 4% | 4% |
Manufacturing | 22.5 | 10% | 12% |
Trade | 21.2 | 12% | 12% |
Transportation | 7.1 | 4% | 3% |
Information | 4 | 2% | 5% |
Finance | 27.2 | 14% | 20% |
Professional | 15 | 8% | 12% |
Education and Health | 14.2 | 7% | 8% |
Entertainment | 6.6 | 3% | 4% |
Other Services | 3.8 | 2% | 2% |
Government | 27.7 | 15% | 12% |
Total | 202.5 | 100% | 100% |
Employment
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Economy of Oklahoma Facts for Kids. Kiddle Encyclopedia.