Oregon’s Gross Domestic Product – A Measure of the Economy
June 18, 2025Gross domestic product (GDP) is composed of goods and services produced for sale in the market and measures the monetary value of final goods and services – that is, those that are bought by the final user and produced in a country or geographical area in a given time period. GDP is measured by adding consumption, investment, government spending, and exports minus imports. Imports are subtracted from GDP to make sure it measures only the value of goods and services produced domestically. GDP is important because it gives information about the size of the economy and how an economy is performing.
Real Versus Nominal GDP
Because GDP is collected at current, or nominal, prices, it often makes sense to adjust for inflation when comparing GDP values over time. To determine “real” GDP, its nominal or current value must be adjusted to take into account price changes to allow us to see whether the value of output has gone up because more is being produced or because prices have increased. A statistical tool called the price deflator is commonly used to adjust GDP from nominal to constant or real prices.
Historical Real GDP in Oregon
According to the Bureau of Economic Analysis (BEA), Oregon’s year-over-year change in real GDP has been positive most years from 2001 to 2024 with the exception of the recessionary year periods 2001, 2009 and 2020. Compared to other states following the recent pandemic recession, Oregon’s growth in GDP from 2020-2024 ranked 34th at 11.7% compared to a high of 25.2% in Florida and a low of 7.3% in North Dakota.
Current Real GDP in Oregon
In 2024, the real GDP in Oregon reached $265.1 billion in U.S. dollars. This is an increase of $3.2 billion from the previous year, when the state's real GDP stood at $261.9 billion. Four broad industries contributed the majority to Oregon’s GDP in 2024: health care and social assistance (1,195.0 million); retail trade (839.9 million); information (771.6 million); and agriculture (600.0 million).
Real Per Capita GDP in Oregon
Per capita GDP measures the economic output of a nation or geographic area per person. It is a good representation of a state’s standard of living and the prosperity of the area’s economy. Per capita GDP is calculated by dividing the total economic output in an area in a given time period by its current population.
Oregon’s per capita real GDP rose from $41,618 in 2001 to $62,135 in 2024 – increasing by 49.3%. Most of this period saw Oregon’s per capita GDP increase year-by-year, except for the two recessionary periods during the years 2009 and 2020.