In 2020, the state's gross domestic product was $133.4 billion. Energy expenditures in Nebraska accounted for 5.7 percent, or $7.6 billion, of the $133.4 billion. The highest percentage during the reviewed years was 10.3 percent in 2014. The ratio of total expenditures for energy relative to total state gross domestic product (both in nominal dollars) provides an indication of the importance of energy expenditures in the aggregate economy. The 2014 increase in energy expenditures relative to the state gross domestic product probably resulted in a large part from the increase in world oil prices.
The phrase "Gross Domestic Product" is replacing the phrase "Gross State Product." Gross domestic product by state is the state counterpart of the nation's gross domestic product, the U.S. Census Bureau's featured and most comprehensive measure of U.S. economic activity. Gross domestic product by state is derived as the sum of the gross domestic product originating in all the industries in a state.