Guam Economy
Guam Economy: A summary of information about Guam Economy, from government research data as well as independent research and other sources.
Guam: Economy
Economy - overview
The economy depends mainly on US military spending and on tourist revenue. Over the past 20 years, the tourist industry has grown rapidly, creating a construction boom for new hotels and the expansion of older ones. More than 1 million tourists visit Guam each year. The industry suffered a setback in 1998 because of the continuing Japanese recession; the Japanese normally make up almost 90% of the tourists. Most food and industrial goods are imported. Guam faces the problem of building up the civilian economic sector to offset the impact of military downsizing.
GDP
purchasing power parity - $3 billion (1996 est.)
GDP - real growth rate
NA%
GDP - per capita
purchasing power parity - $19,000 (1996 est.)
GDP - composition by sector
agriculture: NA% industry: NA% services: NA%
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
4% (1992 est.)
Labor force
65,660 (1995)
Labor force - by occupation
federal and territorial government 31%, private 69% (trade 21%, services 33%, construction 12%, other 3%) (1995)
Unemployment rate
2% (1992 est.)
Budget
revenues: $524.3 million expenditures: $361.4 million, including capital expenditures of $NA (1995)
Industries
US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles
Industrial production growth rate
NA%
Electricity - production
800 million kWh (1998)
Electricity - production by source
fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)
Electricity - consumption
744 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
fruits, copra, vegetables; eggs, pork, poultry, beef
Exports
$86.1 million (f.o.b., 1992)
Exports - commodities
mostly transshipments of refined petroleum products, construction materials, fish, food and beverage products
Exports - partners
US 25%
Imports
$202.4 million (c.i.f., 1992)
Imports - commodities
petroleum and petroleum products, food, manufactured goods
Imports - partners
US 23%, Japan 19%, other 58%
Debt - external
$NA
Economic aid - recipient
$NA; note - although Guam receives no foreign aid, it does receive large transfer payments from the general revenues of the US Federal Treasury into which Guamanians pay no income or excise taxes; under the provisions of a special law of Congress, the Guam Treasury, rather than the US Treasury, receives federal income taxes paid by military and civilian Federal employees stationed in Guam
Currency
1 United States dollar (US$) = 100 cents
Exchange rates
US currency is used
Fiscal year
1 October - 30 September
