Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (2024)

  • Introduction
  • Figure 1 - Current vs. Constant Dollars
  • Figure 2 - Total Shares
  • Figure 3 - Annual Percent Change
  • Figure 4 - Decade Averages
  • Figure 5 - Decade Averages
  • Table - Comaprative Trends I
  • Table - Comaprative Trends II

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Oregon vs. United States
Comparative Trends Report:
Gross Domestic Product, 2017-2023

Briefing Report Outline:

1.Introduction
2.Line Graph - Oregon Gross Domestic Product, 2018-2023, Current vs. Chained 2017 Dollars
3.Line Graph - Gross Domestic Product as a Percent of the United States Total: Oregon, 2017-2023
4.Line Graph - Oregon Real Gross Domestic Product: Annual Percent Change, 2018-2023
5.Line Graph - Oregon Real Gross Domestic Product: Annual Percent Change and Decade Averages Over 2018-2023
6.Bar Chart - Real Gross Domestic Product Growth: Average Annual Percent Change By Decade
7.Table - Oregon: Gross Domestic Product, 2017-2023
8.Table - United States: Gross Domestic Product, 2017-2023

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Introduction

Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (4)

Oregon:

2023 GDP = $316,461M

2023 Percent of U.S. = 1.16%

U.S.:

2023 GDP = $27,360,935M

Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of the state of Oregon is the most comprehensive measure of output of all goods and services produced by labor and property located within Oregon. It is a market valuation of the goods and services-both private and public-produced within a state economy.

Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while State Personal Income is representative of the "purchasing power" of those that reside within a state, think of Gross Domestic Product as representative of the "producing power" of that state.

For a more detailed and technical explanation of Gross Domestic Product (GDP) by State compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the July 2013 Survey of Current Business article, (pp. 115-120).

BEA: Definition

GDP by state is the state counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by state is derived as the sum of the GDP originating in all the industries in a state.

The statistics of real GDP by state are prepared in chained (2017) dollars. Real GDP by state is an inflation-adjusted measure of each state's gross product that is based on national prices for the goods and services produced within that state. The statistics of real GDP by state and of quantity indexes with a base year of 2017 were derived by applying national chain-type price indexes to the current-dollar GDP-by-state values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by state and of real GDP by state at more aggregated industry levels. Real GDP by state may reflect a substantial volume of output that is sold to other states and regions. To the extent that a state's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the states produce. However, real GDP by state does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by state to U.S. Gross Domestic Product (GDP)

An industry's GDP by state, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-state accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-state statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by state for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by state is nearly identical to GDP by industry except for small differences resulting from the GDP-by-state accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by state.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

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Oregon Gross Domestic Product, 2018-2023
Current vs. Chained 2017 Dollars (Billions)

Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (5)

Figure 1.

Figure 1 depicts Oregon's annual gross domestic product over 2018-2023 in current and constant (chained 2017) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of Oregon over time.

When measured in current dollars, Oregon's GDP increased 32.71%, from $238B in 2018 to $316B in 2023. When measured in constant 2017 dollars to adjust for inflation, it advanced 11.01%, from $234B in 2018 to $260B in 2023.

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Gross Domestic Product as a Percent of the United States Total: 2017-2023

Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (6)

Figure 2.

Another interesting and insightful way of comparing the gross domestic product growth of Oregon is to trace its individual percentage contributions to the United States' total gross domestic product over time, as shown in Figure 2. A rising share means a region's gross domestic product grew faster, or declined less, than the United States' gross domestic product, while a declining share shows it grew more slowly.

In 2017, Oregon's GDP comprised 1.15% of the United States' GDP, while in 2023 it comprised 1.16% thereby yielding a +0.01% share-shift.

Gross Domestic Product Share-Shift

2023 vs. 2017

Share-
Shift*

2023

vs.

2017

+0.01%

=

1.16%

-

1.15%

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Oregon Real Gross Domestic Product:
Annual Percent Change, 2018-2023

Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (7)

Figure 3.

Figure 3 displays the short-run pattern of Oregon's real gross domestic product growth by tracking the year-to-year percent change over 2018-2023. The average annual percent change for the entire 6-year period is also traced on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.

On average, Oregon's real GDP grew at an annual rate of 2.42% over 2018-2023. The state recorded its highest growth in 2021 (5.23%) and recorded its lowest growth in 2020 (-0.93%). In 2023, Oregon's real GDP grew by 2.12%

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Oregon Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2018-2023

Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (8)

Figure 4.

Figure 4 again depicts the annual percent change in Oregon's real gross domestic product since 2018, but this time they are overlayed with the average growth rate for 2020-2023.

During the 2020s, Oregon's annual real GDP growth rate averaged 2.06%.

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Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade

Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (9)

Figure 5.

Figure 5 compares the decade average growth rates for Oregon noted in the previous graph with the corresponding decade averages for the nation.

Relative to nationwide real gross domestic product growth trends, Oregon and outpaced the nation over 2020-2023 (2.06% vs. 2.02%).

Real* Gross Domestic Product Growth:

Average Annual Percent Change

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Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (10)Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

Oregon:
Gross Domestic Product, 2017-2023

2017

225,535

1.000

225,535

100.0

N

1.15

2018

238,467

1.039

234,308

103.9

3.89

1.15

2019

248,940

1.064

239,911

106.4

2.39

1.16

2020

251,856

1.054

237,670

105.4

-0.93

1.18

2021

275,444

1.109

250,099

110.9

5.23

1.17

2022

297,309

1.129

254,708

112.9

1.84

1.15

2023

316,461

1.153

260,111

115.3

2.12

1.16

Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

April 2024

REAP_PI_SA1400_2000_PN

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Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (11)Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

United States:
Gross Domestic Product, 2017-2023

2017

19,612,102

1.000

19,612,102

100.0

N

2018

20,656,516

1.030

20,193,896

103.0

2.97

2019

21,521,395

1.055

20,692,087

105.5

2.47

2020

21,322,950

1.032

20,234,074

103.2

-2.21

2021

23,594,031

1.092

21,407,692

109.2

5.80

2022

25,744,108

1.113

21,822,037

111.3

1.94

2023

27,360,935

1.141

22,376,906

114.1

2.54

Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

April 2024

REAP_PI_SA1400_2000_PN

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Oregon vs. United States | Gross Domestic Product Trends Report over 2017-2023 (2024)

FAQs

What is the gross domestic product of Oregon? ›

In 2022, the GDP of Oregon totaled around 254.71 billion U.S. dollars. the finance, insurance, real estate, rental, and leasing industry added the most real value to the gross domestic product (GDP) of the state, amounting to around 47.29 billion U.S. dollars.

What US state has the highest gross domestic product? ›

In the United States, different states have different GDPs because of things like population, resources, and industries. California has the highest GDP because it has a big economy with lots of tech, entertainment, and farming.

Where can I find historical GDP data? ›

Gross Domestic Product data can be found in the National Accounts dataset portal, and in the Data Tables tab of the International Financial Statistics dataset portal.

Is the gross domestic product for the United States increasing or decreasing? ›

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "second" estimate. In the first quarter, real GDP increased 1.4 percent.

What is Oregon's economy ranked? ›

Oregon ranks 24th in economy size among states and Washington, DC. In the 3rd quarter of 2023, Oregon accounted for 1.2% of the US economy.

Which US state has the strongest economy? ›

The three U.S. states with the highest GDPs were California ($3.987 trillion), Texas ($2.664 trillion), and New York ($2.226 trillion). The three U.S. states with the lowest GDPs were Vermont ($44.4 billion), Wyoming ($51.4 billion), and Alaska ($69.2 billion).

What US state has the fastest growing economy? ›

The Lone Star State is a growth engine. It was the nation's second-fastest growing economy last year (just behind North Dakota), with among the strongest job growth. Only California has more S&P 500 companies.

What is the largest contributor to US gross domestic product? ›

Service-based industries, including professional and business services, real estate, finance, and health care, make up the bulk (70%) of U.S. GDP. In comparison, goods-producing industries like agriculture, manufacturing, mining, and construction play a smaller role.

Which is the richest country in the world? ›

Luxembourg is the world's wealthiest country, with a GDP per capita of $143,742 thousand, according to the IMF. This is largely due to its strategic location in central Europe and its strong financial services sector.

Which country has the largest economy in the world? ›

United States Of America (U.S.A)

What is the best economy in the world right now? ›

The United States is the undisputed heavyweight when it comes to the economies of the world. America's gross domestic product in 2022 was more than 40% greater than that of China, the world No. 2.

When was the US economy at its peak? ›

The most vigorous, sustained periods of growth, on the other hand, took place from early 1961 to mid-1969, with an expansion of 53% (5.1% a year), from mid-1991 to late 2000, at 43% (3.8% a year), and from late 1982 to mid-1990, at 37% (4% a year).

Are we currently in a recession? ›

A recession is a significant decline in economic activity that can last months or even years. Most experts agree we aren't in a recession yet, but there's some risk that we could be headed for one in the next year.

Is US growth slowing? ›

Consumers and businesses are likely to continue cutting spending and investments ahead, suggesting economic growth decelerated to 0.6 percent annualized in Q3 2024. GDP growth probably will be lackluster in Q4 2024, expanding at a tepid pace of about 1 percent annualized.

What is the main source of income in Oregon? ›

Oregon's budget includes general fund revenue derived mostly from personal and corporate income taxes; other sources are property, excise, inheritance, and insurance taxes, as well as revenue from liquor sales.

How is Oregon financially? ›

The Gross Domestic Product (GDP) of Oregon in 2021 was $270.12 billion; it is United States' 25th wealthiest state by GDP. The state's per capita personal income in 2021 was $59,484.

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