Alaska's Gross State Product, 1961-1998

Abstract

Alaska gross state product declined by $.5 billion in 1997 and $3.5 billion in 1998 after 3 years of growth. Gross state product measured in current dollars is useful for comparing the contribution of different sectors to total gross state product at a particular point in time. However since Alaska gross state product is dominated by petroleum, and heavily influenced by the production of other commodities which fluctuate in price over time, both the size and composition of gross state product in current dollars can change substantially from year to year independent of the change in the overall level of economic activity as measured either by employment or payroll. Much of this fluctuation is the result of changes in the prices of a few commodities including oil, gas, zinc, and seafood.