Economy of Oklahoma facts for kids

Quick facts for kids
Economy of Oklahoma

Flag of Oklahoma
Currency	US$ (USD)
Fiscal year	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	Standard & Poor's: AA Moody's: Aa2 Fitch: AA
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.

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%