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 like the big engine that keeps the state running! It's how people earn money, buy things, and create jobs. Oklahoma's economy is one of the largest in the United States, making about $197.2 billion each year. This money comes from all the goods and services produced in the state.

Oklahoma's Economic Story

Oklahoma's economy is the 29th largest in the United States. This means it produces a lot of goods and services. The total value of everything made and sold in Oklahoma is called its Gross State Product (GSP). As of late 2018, Oklahoma's GSP was around $197.2 billion.

How Oklahoma's Economy Has Grown

The state's economy changes over time. Sometimes it grows, and sometimes it shrinks a little. Here's a quick look at how Oklahoma's economy has changed:

Year	Total Value (GSP) (in billions of US Dollars)	Population (in thousands)	Unemployment (in percent)
2020	185.9	3,981	▲ 4.7
2019	201.3	3,957	▼ 3.0
2018	198.6	3,940	▼ 3.2
2017	185.5	3,931	▼ 3.8
2016	177.8	3,926	▲ 4.5
2015	184.1	3,910	▼ 4.4
2014	193.5	3,878	5.0
2013	181.9	3,853	▼ 5.0
2012	173.2	3,819	▼ 5.1
2011	165.1	3,788	▼ 5.4
2010	153.2	3,724	▼ 6.1
2009	159.8	3,686	▲ 7.0
2008	159.8	3,640	▲ 4.7
2007	144.8	3,609	▼ 3.6

What Makes Up Oklahoma's Economy?

Oklahoma's economy is made of different parts, called industries. Each industry adds a certain amount to the state's total GSP. Here's how much each major industry contributed in early 2020:

You can see that Mining (which includes oil and natural gas) is a very big part of Oklahoma's economy, much larger than the national average.

Jobs in Oklahoma

In 2018, about 1.8 million people in Oklahoma had jobs. Most people (90%) work for private companies, while about 9% work for the government (federal, state, or local).

Who Employs the Most People?

The biggest employer in Oklahoma is the United States Department of Defense, which includes military bases and other defense-related jobs. They employ about 69,000 people. The largest private company employer is Walmart, with about 32,000 workers.

Here are the top 20 employers in Oklahoma as of 2019:

Taxes

Taxes are how the government collects money to pay for public services like schools, roads, and healthcare. You can learn more about how taxes work in Oklahoma by clicking the link above.