Nowadays, Economy of Oklahoma is a topic of great relevance and that arouses great interest in society. For some time now, Economy of Oklahoma has been the subject of debate and controversy, since its influence is palpable in different areas of daily life. Whether in politics, economics, culture or science, Economy of Oklahoma has managed to carve out a niche for itself and position itself as one of the hottest topics today. Throughout history, Economy of Oklahoma has marked a before and after in the way we see the world, triggering significant changes that have directly impacted society. This article aims to shed light on Economy of Oklahoma and analyze its impact on society today, as well as in the past and future.
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) |
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 | |
$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%) |
| |
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 $197.2 billion as of December 2018.
The history of Oklahoma's GSP according to the Bureau of Economic Analysis and the United States Census Bureau
Year | Nominal GSP (in bil. US-Dollar) |
GSP growth (in percent) |
Population (in thounsands) |
Population growth (in percent) |
GSP per capita (in US Dollars) |
Unemployment (in percent) |
State Government spending (in % of GSP) |
State Government debt (in % of GSP) |
Current account balance (in % of GSP) |
---|---|---|---|---|---|---|---|---|---|
2020 | 185.9 | -8.0 | 3,981 | 0.6 | 46,697 | 4.7 | 10.7 | 4.6 | -2.9 |
2019 | 201.3 | 1.7 | 3,957 | 0.4 | 51,049 | 3.0 | 8.2 | 4.1 | -2.8 |
2018 | 198.6 | 7.1 | 3,940 | 0.2 | 50,406 | 3.2 | 8.8 | 4.2 | -2.6 |
2017 | 185.5 | 0.7 | 3,931 | 0.1 | 47,189 | 3.8 | 9.4 | 4.3 | -2.3 |
2016 | 177.8 | -3.4 | 3,926 | 0.4 | 45,288 | 4.5 | 10.1 | 4.2 | |
2015 | 184.1 | -4.9 | 3,910 | 0.8 | 47,084 | 4.4 | 9.5 | 4.1 | |
2014 | 193.5 | 6.4 | 3,878 | 0.6 | 49,897 | 5.0 | 9.0 | 3.4 | |
2013 | 181.9 | 5.0 | 3,853 | 0.9 | 47,210 | 5.0 | 9.3 | 3.5 | |
2012 | 173.2 | 4.9 | 3,819 | 0.8 | 45,352 | 5.1 | 9.6 | 3.9 | |
2011 | 165.1 | 7.8 | 3,788 | 1.7 | 43,585 | 5.4 | 10.1 | 4.3 | |
2010 | 153.2 | -4.1 | 3,724 | 1.0 | 41,139 | 6.1 | 10.8 | ||
2009 | 159.8 | 0.0 | 3,686 | 1.3 | 43,353 | 7.0 | 10.1 | ||
2008 | 159.8 | 10.4 | 3,640 | 0.9 | 43,901 | 4.7 | 9.4 | ||
2007 | 144.8 | 5.8 | 3,609 | 1.4 | 40,122 | 3.6 | 9.7 |
Industries value added to Oklahoma GDP in Q1 2020. Sectors percentages are compared to sector percentages of United States GDP.
Sector | OK value ($ 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% |
There 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:
# | 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 |