Gross State Product and Economic Activity in 1999-2000

During the last 35 years, the economic framework of Alaska has developed and is now significantly larger than in 1964. The predicted Gross State Product (GSP) for the fiscal year 1999-2000 is US$28bn. Three industrial sectors account for the largest contributions to the GSP and their data is shown in Table 5.

Table 5 - Contribution to Gross State Product by Sector 1999-2000

Sector	Contribution to GSP in US$bn	Contribution to GSP as a %
Fishing	1.2 billion	4.3
Tourism	1.5 billion	5.3
Oil	23.8 billion	85.0

From the data contained within Table 5 it can be seen that the revenues and taxes derived from the production, consumption and export of oil from Alaska accounts for 85% of the GSP. The oil industry is therefore central to the economic viability of the State.