Agriculture and livestock are important sectors in the economy of Kentucky. The state ranks fifth in goat farming and eighth in beef cattle production.
Kentucky derives most of its revenue from industry. Lexington, one of the largest loose-leaf tobacco markets in the world is industrialized. Kentucky ranks third in light vehicle production.
Over 11.6 percent of all cars and trucks produced in America are made in Kentucky. The total gross state product of Kentucky in 2010 stood at $163.3 billion while the per capita income was $28,513. The sales tax rate in the state amounts to six percent. As per the 2010 estimate, Kentucky's unemployment rate is ten percent.
Manufacturing adds to the economy. The chief manufactures of the state include transportation equipment, food products, chemicals, apparels, industrial gases, and non-electrical machinery. Mining is an important part of Kentucky's economy. The state is one of the major producers of coal; petroleum, limestone, and natural gas are also found. Tourism, printing and publishing are also important industries.
Service industries add to the revenues of the state. Business, wholesale and retail trade industries, personal services (private health care, hotels, law firms, repair shops) and government services are important.
| GSP |
$163.3 billion in 2010 |
| Per Capita Income |
$28,513 in 2010 |
| Unemployment Rate |
10% in 2010 |
| Major Sectors |
Agriculture, livestock, mining, business, finance |
| Major Industries |
Tourism, manufacturing, publishing, automobiles, brewing |
Agriculture is a significant part of the economy. The major agricultural products include tobacco, soybeans, barley, sorghum, and wheat. Livestock and livestock products generate are also essential to the state's economy amounting to about sixty-six percent of Kentucky's agricultural economy. Thoroughbred horses, chickens, eggs, hogs, and beef cattle are the most important livestock products.
