Alaska GDP size and rank
Although the economy of Alaska had a very good year in current dollar terms due to the high price of oil, in inflation adjusted terms the economy contracted by 2%.
The inflation in oil prices also obscures the real economic engine of the state. Although mining accounts for 32% of output in current dollars, in inflation adjusted dollars the government is the biggest economic factor, accounting for 1/5 th of the Alaska economy.
Alaska economic development and output
The economic output of the state of Alaska was $48 billion in 2008. That figure is based on current 2008 dollars (nominal GDP), while the inflation adjusted GDP, real GDP, based on prices in the year 2000, was $30 billion in 2008, according to data from the U.S. Department of Commerce.
The data for economic growth show Alaska GDP grew at 6.7% in nominal terms in 2008 compared to 2007, in real terms the growth was -2%.
During the years of 2000-2008, Alaska GDP grew at an annual rate of 7.4% in nominal terms and in real terms the economy grew by 1.3%.
Alaska economy rank
Mining led all sectors in the state's economy. Mining contributed $15.2 billion in economic development in 2008, that's 31.7% of the total economic output of Alaska.
Coming in second adding $8.4 billion, the government sector was responsible for 17.6% of the Alaska economy in 2008.
Transportation, real estate, healthcare
Transportation accounted for 9.5% of the economic output with a contribution of $4.5 billion.
Ranking fourth and fifth biggest sectors in the state were real estate $3.5 billion and healthcare $2.4 billion, respectively.