Economy of Oklahoma

Last updated
Economy of Oklahoma
Flag of Oklahoma.svg
Flag of Oklahoma
CurrencyUS$ (USD)
July 1 - June 30
Statistics
GDP $181.5 billion (nominal, 2017) [1]
GDP rank 29th (2016)
GDP growth
Increase2.svg4.2% (2018) [2]
GDP per capita
$43,449(2017) [3]
GDP by sector
Agriculture 1%
Industry 27%
Services 72%
Population below poverty line
15.9% (2011) [4]
0.461 (2013) [5]
Labor force
1,868,500 (2015) [6]
Labor force by occupation
Agriculture 4%
Industry 16%
Services 80%
Unemployment3.9% (2015) [7]
External
Exports$6.3 billion (2014) [8]
Main export partners
Flag of Canada (Pantone).svg  Canada 30.2%
Flag of Mexico.svg  Mexico 9.5%
Flag of Japan.svg  Japan 4.7%
Flag of the People's Republic of China.svg  China 4.3%
Imports$13.6 billion (2014) [9]
Main import partners
Flag of Canada (Pantone).svg  Canada 47.8%
Flag of the People's Republic of China.svg  China 19.9%
Flag of Mexico.svg  Mexico 7.4%
Flag of Japan.svg  Japan 2.9%
Public finances
$1.9 billion; 1% of GDP (2015) [10]
Revenues$17.5 billion (FY2014) [11]
(Federal Grants 38.3%, Income Tax 19.1%, Sales Tax 14.8%, Other 30.2%)
Expenses$17.5 billion (FY2014) [12]
(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%)

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 $185.6 billion as of December 2016.

Oklahoma State of the United States of America

Oklahoma is a state in the South Central region of the United States, bordered by Kansas on the north, Missouri on the northeast, Arkansas on the east, Texas on the south, New Mexico on the west, and Colorado on the northwest. It is the 20th-most extensive and the 28th-most populous of the fifty United States. The state's name is derived from the Choctaw words okla and humma, meaning "red people". It is also known informally by its nickname, "The Sooner State", in reference to the non-Native settlers who staked their claims on land before the official opening date of lands in the western Oklahoma Territory or before the Indian Appropriations Act of 1889, which dramatically increased European-American settlement in the eastern Indian Territory. Oklahoma Territory and Indian Territory were merged into the State of Oklahoma when it became the 46th state to enter the union on November 16, 1907. Its residents are known as Oklahomans, and its capital and largest city is Oklahoma City.

United States Federal republic in North America

The United States of America (USA), commonly known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.

Contents

GSP

Historical GSP

The history of Oklahoma's GSP according to the Bureau of Economic Analysis, in nominal terms, with percentage of total to GDP of the United States: [14]

Bureau of Economic Analysis statistical service

The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official macroeconomic and industry statistics, most notably reports about the gross domestic product (GDP) of the United States and its various units—states, cities/towns/townships/villages/counties and metropolitan areas. They also provide information about personal income, corporate profits, and government spending in their National Income and Product Accounts (NIPAs).

Year2001200220032004200520062007200820092010201120122013201420152016
OK GDP97.799.5106.1114.2125.1136.8144.3157.5143.5152.1162.1169.3176.4183.5183.1185.6
% of US GDP0.90.90.90.91.01.01.01.11.01.01.11.11.11.11.11.1

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: [15] [16]

Economy of the United States National economy

The economy of the United States is a highly developed mixed economy. It is the world's largest economy by nominal GDP and the second-largest by purchasing power parity (PPP). It also has the world's seventh-highest per capita GDP (nominal) and the eleventh-highest per capita GDP (PPP) in 2016. The US has a highly diversified, world-leading industrial sector. It is also a high-technology innovator with the second-largest industrial output in the world. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its science and technology, its military, the full faith of the U.S. government to reimburse its debts, its central role in a range of international institutions since World War II, and the petrodollar system. Several countries use it as their official currency, and in many others, it is the de facto currency. Its largest trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan.

Year200120022003200420052006200720082009201020112012201320142015
% change of OK GDP6.11.86.67.69.59.45.59.1-8.96.06.64.44.24.04.2
% change of US GDP3.92.84.67.06.66.24.31.4-2.14.23.44.53.73.63.6

GDP by industry

Industries value added to Oklahoma GDP in Q4 2016. Sectors percentages are compared to sector percentages of United States GDP. [17]

SectorOK value ($ billions)Sector % of OK GDPSector % of US GDP
Agriculture2.2321.2%1%
Mining20.18210.9%3%
Utilities4.5502.5%2%
Construction8.1464.4%4%
Manufacturing17.7519.6%12%
Trade21.68811.7%12%
Transportation10.2995.5%3%
Information4.3032.3%5%
Finance25.53413.8%20%
Professional16.0178.6%12%
Education and Health14.6317.9%8%
Entertainment6.6383.6%4%
Other Services4.0762.2%2%
Government29.55215.9%12%
Total185.602100%100%

Employment

Taxes

See also

Related Research Articles

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In economics, the GDP deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy in a year. GDP stands for gross domestic product, the total monetary value of all final goods and services produced within the territory of a country over a particular period of time.

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Real gross domestic product is a macroeconomic measure of the value of economic output adjusted for price changes. This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output. Although GDP is total output, it is primarily useful because it closely approximates the total spending: the sum of consumer spending, investment made by industry, excess of exports over imports, and government spending. Due to inflation, GDP increases and does not actually reflect the true growth in an economy. That is why the GDP must be divided by the inflation rate to get the growth of the real GDP. Different organizations use different types of 'Real GDP' measures, for example the United Nations UNCTAD uses 2005 Constant prices and exchange rates while the FRED uses 2009 constant prices and exchange rates, and recently the World Bank switched from 2005 to 2010 constant prices and exchange rates.

The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents. Comparing GNI to GDP shows the degree to which a nation's GDP represents domestic or international activity. GNI has gradually replaced GNP in international statistics. While being conceptually identical, it is calculated differently. GNI is the basis of calculation of the largest part of contributions to the budget of the European Union. In February 2017, Ireland's GDP became so distorted from the base erosion and profit shifting ("BEPS") tax planning tools of U.S. multinationals, that the Central Bank of Ireland replaced Irish GDP with a new metric, Irish Modified GNI*. In 2017, Irish GDP was 162% of Irish Modified GNI*.

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Comparison between U.S. states and sovereign states by GDP

This is a comparison between U.S. states and sovereign states' nominal Gross Domestic Product for the Alternative Future as based on International Monetary Fund and Bureau of Economic Analysis data. Many of the states of the United States have large gross domestic product which would rank highly on a list of countries world GDP.

Economy of Virginia

The Economy of Virginia is well balanced with diverse sources of income. From the Hampton Roads area to Richmond and down to Lee County in the southwest includes military installations, cattle, tobacco and peanut farming in Southside Virginia. Tomatoes recently surpassed soy as the most profitable crop in Virginia. Tobacco, peanuts and hay are also important agricultural products from the commonwealth. Wineries and vineyards in the Northern Neck and along the Blue Ridge Mountains also have become increasingly popular. Northern Virginia hosts software, communications, consulting, defense contracting, diplomats, and considerable components of the professional government sector. As of the 2000 census, Virginia had the highest number of counties and independent cities (15) in the top 100 wealthiest jurisdictions in the United States based upon median income, in addition, Virginia tied with Colorado as having the most counties (10) in the top 100 based on per capita income. Loudoun and Fairfax counties in Northern Virginia have the highest and second highest median household income, respectively, of all counties in the United States as of 2017.

This is a table of the total federal tax revenue by state collected by the U.S. Internal Revenue Service.

Comparison between U.S. states and sovereign states by GDP (nominal) per capita

This is a comparison between U.S. states and countries' per capita nominal gross domestic product. The U.S. is not counted as a whole in the overall rank because this would be double counting since the states of the U.S. are being compared to other countries. These figures are calculated using exchange rate conversions, and exchange rates fluctuate from year to year.

References

  1. "Oklahoma Gross Domestic Product". Bureau of Economic Analysis . Retrieved 2015-09-03.
  2. "Gross Domestic Product by State, 2nd quarter 2018". Bureau of Economic Analysis. 2018. Retrieved 2019-02-10.
  3. "Graph: Per Capita Personal Income in Oklahoma (OKPCPI)". Federal Reserve Bank of St. Louis . Retrieved 2015-09-02.
  4. "State Rankings-Statistical Abstract of the United States-Persons Below Poverty Level". United States Census Bureau . Retrieved 2015-09-02.
  5. "Gini Index of Income Inequality". United States Census Bureau . Retrieved 2015-09-02.
  6. "Civilian Labor Force in Oklahoma". Federal Reserve Bank of St. Louis. 2015-07-21. Retrieved 2015-09-02.
  7. "Oklahoma Economy at a Glance". United States Department of Labor. 2015-09-02. Retrieved 2015-09-02.
  8. "State Exports from Oklahoma". United States Census Bureau . Retrieved 2015-09-02.
  9. "State Imports from Oklahoma". United States Census Bureau . Retrieved 2015-09-02.
  10. "State of Oklahoma Outstanding Tax-Backed Obligations" (PDF). Oklahoma State Bond Advisor . Retrieved 2015-09-02.
  11. "State of Oklahoma Comprehensive Annual Financial Report 2014" (PDF). Oklahoma Office of Management and Enterprise Services . Retrieved 2015-09-02.
  12. "State of Oklahoma Comprehensive Annual Financial Report 2014" (PDF). Oklahoma Office of Management and Enterprise Services . Retrieved 2015-09-02.
  13. "State of Oklahoma Bond Ratings" (PDF). Oklahoma State Bond Advisor . Retrieved 2015-09-02.
  14. "Gross Domestic Product by State" (PDF). Bureau of Economic Analysis . Retrieved 2015-11-28.
  15. "Gross Domestic Product by State" (PDF). Bureau of Economic Analysis . Retrieved 2015-11-28.
  16. "GDP growth (annual %)". Data.worldbank.org. Retrieved 8 December 2014.
  17. "Oklahoma Gross Domestic Product". Bureau of Economic Analysis . Retrieved 2015-09-03.