2019 Gross Receipts Show Slowing Economy In Oklahoma
OKLAHOMA CITY – Oklahoma Gross Receipts to the Treasury for calendar year 2019 paint the picture of a sound, but slowing state economy, State Treasurer Randy McDaniel announced today.
Gross receipts during all of 2019 are 5.7 percent more than during 2018. That growth rate is down from 13.2 percent in 2018 compared to 2017.
McDaniel said the slowdown becomes more pronounced when viewed on a quarterly basis. Growth in collections during the first two quarters of 2019 reflected expansion of almost 10 percent. Third quarter growth fell to 4.2 percent, while fourth quarter receipts contracted by 0.5 percent when compared to the fourth quarter of 2018.
“Recent economic trends appear to be primarily related to low oil and gas prices,” McDaniel said. “We are seeing both a direct and spillover effect on some tax collections due to suppressed energy prices.”
Tax collections on oil and gas production have been significantly below the prior year for four consecutive months. Sales tax receipts have shown contraction for six of the past seven months. In December, use tax collections on out-of-state purchases dropped below those of the prior year for the first time in more than three years.
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