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. |
The economy of Oklahoma is the 29th largest in the United States. Oklahoma's gross state product (GSP) is approximately $197.2 billion as of December 2018.
The history of Oklahoma's GSP according to the Bureau of Economic Analysis and the United States Census Bureau [13]
Year | Nominal GSP (in bil. US-Dollar) | GSP growth (in percent) | Population (in thounsands) | Population growth (in percent) | GSP per capita (in US Dollars) | Unemployment (in percent) | State Government spending (in % of GSP) | State Government debt (in % of GSP) | Current account balance (in % of GSP) |
---|---|---|---|---|---|---|---|---|---|
2020 | 185.9 | -8.0 | 3,981 | 0.6 | 46,697 | 4.7 | 10.7 | 4.6 | -2.9 |
2019 | 201.3 | 1.7 | 3,957 | 0.4 | 51,049 | 3.0 | 8.2 | 4.1 | -2.8 |
2018 | 198.6 | 7.1 | 3,940 | 0.2 | 50,406 | 3.2 | 8.8 | 4.2 | -2.6 |
2017 | 185.5 | 0.7 | 3,931 | 0.1 | 47,189 | 3.8 | 9.4 | 4.3 | -2.3 |
2016 | 177.8 | -3.4 | 3,926 | 0.4 | 45,288 | 4.5 | 10.1 | 4.2 | |
2015 | 184.1 | -4.9 | 3,910 | 0.8 | 47,084 | 4.4 | 9.5 | 4.1 | |
2014 | 193.5 | 6.4 | 3,878 | 0.6 | 49,897 | 5.0 | 9.0 | 3.4 | |
2013 | 181.9 | 5.0 | 3,853 | 0.9 | 47,210 | 5.0 | 9.3 | 3.5 | |
2012 | 173.2 | 4.9 | 3,819 | 0.8 | 45,352 | 5.1 | 9.6 | 3.9 | |
2011 | 165.1 | 7.8 | 3,788 | 1.7 | 43,585 | 5.4 | 10.1 | 4.3 | |
2010 | 153.2 | -4.1 | 3,724 | 1.0 | 41,139 | 6.1 | 10.8 | ||
2009 | 159.8 | 0.0 | 3,686 | 1.3 | 43,353 | 7.0 | 10.1 | ||
2008 | 159.8 | 10.4 | 3,640 | 0.9 | 43,901 | 4.7 | 9.4 | ||
2007 | 144.8 | 5.8 | 3,609 | 1.4 | 40,122 | 3.6 | 9.7 | ||
Industries value added to Oklahoma GDP in Q1 2020. Sectors percentages are compared to sector percentages of United States GDP.
Sector | OK value ($ 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: [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 |
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