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

The Alaska economy is the 45th largest in the United States, behind Maine and ahead of Rhode Island.

Mining

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.

Government

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.

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Alaska economic development GDP
Anchorage, Alaska flickr/Wonderlane