The economy of Oklahoma is the 30th largest in the United States. Oklahoma's gross state product (GSP) is approximately $197.2 billion as of December 2018.
 Flag of Oklahoma | |
| Currency | US$ (USD) |
|---|---|
| July 1 - June 30 | |
| Statistics | |
| GDP | $200.2 billion (nominal, Q1 2020)[1] |
| GDP rank |  30th (Q1 2020) |
GDP growth | 4.0% (2020)[2] |
GDP per capita | $50,594 (2020 est) |
GDP by sector | Agriculture 2% Industry 34% Services 64% |
Population below poverty line | 15.2% (2011)[3] |
Labor force |  1.9 million (Q1 2020)[4] |
Labor force by occupation | Agriculture 1% Industry 16% Services 83% |
| Unemployment |  5.7% (Q3 2020)[5] |
Average gross salary | $45,620 (Q2 2019) |
| External | |
| Exports | $5.4 billion (2020) [6] |
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)[7] |
Import goods | Crude Oil, turbojets, computers |
Main import partners | Canada 40%  China 22% Mexico 7% Germany 4% |
| Public finances | |
| $2.1 billion; 1% of GDP (2020)[8] | |
| Revenues | $19.8 (FY2020)[9] (Taxation 49.3%, Federal Grants 38.9%, Other 11.8%) |
| Expenses | $19.8 billion (FY2014)[10] (Health Services 31.3 %, Education 26.1%, Social Services 12.4%, Gov't Admin 10.9%, Public Safety 4.6%, Debt Service 1.4%, Other 13.3%) |
| |
All values, unless otherwise stated, are in US dollars. | |
Data
editHistorical data
editThe history of Oklahoma's GSP according to the Bureau of Economic Analysis and the United States Census Bureau[13]
| Year | Nominal GSP (in bil. US-Dollar) |
GSP growth (in percent) |
Population (in thousands) |
Population growth (in percent) |
GSP per capita (in US Dollars) |
Unemployment (in percent) |
State Government spending (in % of GSP) |
State Government debt (in % of GSP) |
Current account balance (in % of GSP) |
|---|---|---|---|---|---|---|---|---|---|
| 2020 | 185.9
|
-8.0
|
3,981
|
0.6
|
46,697
|
4.7
|
10.7
|
4.6
|
-2.9
|
| 2019 | 201.3
|
1.7
|
3,957
|
0.4
|
51,049
|
3.0
|
8.2
|
4.1
|
-2.8
|
| 2018 | 198.6
|
7.1
|
3,940
|
0.2
|
50,406
|
3.2
|
8.8
|
4.2
|
-2.6
|
| 2017 | 185.5
|
0.7
|
3,931
|
0.1
|
47,189
|
3.8
|
9.4
|
4.3
|
-2.3
|
| 2016 | 177.8
|
-3.4
|
3,926
|
0.4
|
45,288
|
4.5
|
10.1
|
4.2
|
|
| 2015 | 184.1
|
-4.9
|
3,910
|
0.8
|
47,084
|
4.4
|
9.5
|
4.1
|
|
| 2014 | 193.5
|
6.4
|
3,878
|
0.6
|
49,897
|
 5.0
|
9.0
|
3.4
|
|
| 2013 | 181.9
|
5.0
|
3,853
|
0.9
|
47,210
|
5.0
|
9.3
|
3.5
|
|
| 2012 | 173.2
|
4.9
|
3,819
|
0.8
|
45,352
|
5.1
|
9.6
|
3.9
|
|
| 2011 | 165.1
|
7.8
|
3,788
|
1.7
|
43,585
|
5.4
|
10.1
|
4.3
|
|
| 2010 | 153.2
|
-4.1
|
3,724
|
1.0
|
41,139
|
6.1
|
10.8
|
||
| 2009 | 159.8
|
0.0
|
3,686
|
1.3
|
43,353
|
7.0
|
10.1
|
||
| 2008 | 159.8
|
10.4
|
3,640
|
0.9
|
43,901
|
4.7
|
9.4
|
||
| 2007 | 144.8
|
5.8
|
3,609
|
1.4
|
40,122
|
3.6
|
9.7
|
GSP by industry
editIndustries value added to Oklahoma GDP in Q1 2020. Sectors percentages are compared to sector percentages of United States GDP.
| Sector | OK value ($ billions) | Sector % of OK GDP | Sector % of US GDP |
|---|---|---|---|
| Agriculture a | 4.4 | 2.2% | 1% |
| Mining b | 45.0 | 22.5% | 3% |
| Construction c | 5.6 | 2.8% | 2% |
| Manufacturing d | 16.6 | 8.3% | 4% |
| Trade, Transportation, and Utilities e | 35.8 | 17.9% | 12% |
| Information f | 5.2 | 2.6% | 5% |
| Finance g | 22.0 | 11.0% | 20% |
| Professional h | 16.4 | 8.2% | 12% |
| Education and Health i | 14.0 | 7.0% | 8% |
| Entertainment j | 5.4 | 2.7% | 4% |
| Other Services k | 3.4 | 1.7% | 2% |
| Government l | 27.8 | 13.9% | 12% |
| Total | 200.2 | 100% | 100% |
Employment
editThere 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:[14]
| # | 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
editSee also
edit
References
edit- ^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
- ^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
- ^ "QuickFacts-Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
- ^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
- ^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
- ^ "State Exports from Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
- ^ "State Imports from Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
- ^ "State of Oklahoma Debt Report" (PDF). Oklahoma State Bond Advisor. Retrieved 2021-03-22.
- ^ "State of Oklahoma Comprehensive Annual Financial Report 2020" (PDF). Oklahoma Office of Management and Enterprise Services. Retrieved 2021-03-23.
- ^ "State of Oklahoma Comprehensive Annual Financial Report 2020" (PDF). Oklahoma Office of Management and Enterprise Services. Retrieved 2021-03-23.
- ^ "US State Ratings and Outlooks: Current List". S&P Global Ratings. Retrieved 2020-12-11.
- ^ "Oklahoma, State of (OK) Credit Ratings". Fitch Ratings. Retrieved 2020-05-11.
- ^ "Gross Domestic Product by State". Bureau of Economic Analysis. Retrieved 2021-03-28.
- ^ "Oklahoma Top Employers" (PDF). Oklahoma Department of Commerce. Retrieved 2021-03-28.
Notes
edit- ^a Agriculture Sector includes establishments primarily engaged in growing crops, raising animals, harvesting timber, harvesting fish and other animals from a farm, ranch or their natural habitats
- ^b Mining Sector includes exploration and development of minerals, including solids such as coal and ores, liquids such as crude petroleum, and gases such as natural gas
- ^c Construction Sector comprises establishments primarily engaged in the construction of buildings or engineering projects
- ^d Manufacturing Sector includes establishments engaged in the mechanical, physical, or chemical transformation of materials, substances, or components into new products
- ^e Trade, Transportation, and Utitlies Sector includes wholesaling of merchandise, retailing of merchandise, passenger and freight transit, storage and warehousing of goods, and public utilities services
- ^f Information Sector concerns publishing industries, including software publishing, motion picture and sound publishing, broadcast industries, telecommunications, and Internet service providers
- ^g Finance Sector comprises establishment engaged in financial transactions, including banking, securities, insurance, and investment advisory services
- ^h Professional Sector comprises establishments that specialize in performing professional, scientific, and technical activities for others
- ^i Education and Healthcare Sector comprises schools, colleges, universities, and training centers as well as establishments providing health care and social assistance for individuals
- ^j Entertainment Sector includes establishments that operate facilities or provide services to meet varied cultural, entertainment, and recreational interests of their patrons, such as live performances, historical exhibits, and recreationally facilities
- ^j The Other Sector includes establishments which provide services not specifically provided for elsewhere in the classification system
- ^l Government Sector includes the executive, legislative, judicial, administrative, regulatory, and military activities of Federal, state, and local governments together with government owned enterprises