Economy of Alaska
In a report compiled by the government of Alaska, the real GDP of Alaska was $51.1 billion in 2011, $52.9 billion in 2012 and $51.5 billion in 2013. The drop-off that occurred between 2012 and 2013 has been attributed to the decline in the mining sector, specifically the oil and gas sectors, a consequence of declined production. The state's economy has been described by University of Alaska Anchorage economist Scott Goldsmith as a "three-legged stool" - with one leg being the petroleum and gas industry, the second leg being the federal government and the third leg being all other industries and services. Between 2004 and 2006, the federal government was responsible for 135,000 Alaska jobs, the petroleum sector provided 110,000 jobs and all other industries and services combined for 122,000 jobs.
The Trans-Alaska Pipeline transports oil, Alaska's most important export, from the North Slope to Valdez. | |
| Statistics | |
|---|---|
| GDP | $63,618,000,000 |
GDP per capita | $68,919 |
Population below poverty line | 15.7% |
| .4241 ± 0.0104 | |
Labor force | 364,209 |
| Unemployment | 3.8% |
| Public finances | |
| Revenues | 4,517,927,000 |
| Expenses | 5,437,000,000 |
Alaska's main export product after oil and natural gas is seafood, primarily salmon, cod, pollock, and crab. In the 2013 fishing season, Alaskan fishers were able to accumulate a total of 5.8 billion pounds of seafood, which equates to an evaluation of $1.9 billion, a small, but noticeable increase in comparison to 2012, which had a total of 5.3 billion and $1.7 billion respectively.
Agriculture represents only a very small fraction of the Alaskan economy. Agricultural production is primarily for consumption within the state and includes nursery stock, dairy products, vegetables, and livestock. Manufacturing is limited, with most food and general goods imported from elsewhere.
Employment is primarily in government and industries such as natural resource extraction, shipping, and transportation. Military bases are a significant component of the economy in both Fairbanks and Anchorage. Federal subsidies are also an important part of the economy, allowing the state to keep taxes low. Its industrial outputs are crude petroleum, natural gas, coal, gold, precious metals, zinc and other mining, seafood processing, timber and wood products. There is also a growing service and tourism sector. Tourists have contributed to the economy by supporting local lodging.