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Alaska Economy - Alaska has no exception and will join rest of the world in recession 2009. The petroleum industry dominates the Alaska economy, with more than 80% of the revenues are derived from petroleum extraction. Now that energy prices are declined, unemployment in Alaska will drop about 0.6% of total jobs in 2008: earnings decline about 1.5%; drop in GSP is about 26.4%. The one bright thing about Alaska is very mild increase in employment and contribution of GSP from the government sector in future.