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Economy of Oklahoma facts for kids

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Economy of Oklahoma
Flag of Oklahoma.svg
Flag of Oklahoma
Currency US$ (USD)
July 1 - June 30
Statistics
GDP $202.5 billion (nominal, 2015)
GDP rank 27th (2015)
GDP growth
Increase4.2% (2013)
GDP per capita
$41,861 (2013)
GDP by sector
Agriculture 1%
Industry 27%
Services 72%
Population below poverty line
15.9% (2011)
0.461 (2013)
Labor force
1,868,500 (2015)
Labor force by occupation
Agriculture 4%
Industry 16%
Services 80%
Unemployment 3.9% (2015)
External
Exports $6.3 billion (2014)
Main export partners
 Canada 30.2%
 Mexico 9.5%
 Japan 4.7%
 China 4.3%
Imports $13.6 billion (2014)
Main import partners
 Canada 47.8%
 China 19.9%
 Mexico 7.4%
 Japan 2.9%
Public finances
Public debt
$1.9 billion; 1% of GDP (2015)
Revenues $17.5 billion (FY2014)
(Federal Grants 38.3%, Income Tax 19.1%, Sales Tax 14.8%, Other 30.2%)
Expenses $17.5 billion (FY2014)
(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%)
Credit rating
  • Standard & Poor's: AA+
  • Moody's: Aa2
  • Fitch: AA+

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

The economy of Oklahoma is the 27th largest in the United States. Oklahoma's gross state product (GSP) is approximately $202.5 billion as of December 2015.

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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