Economy of Guam

Theeconomy of Guamdepends mainly onUSmilitaryspending and ontouristrevenue. Over the past 20 years, the tourist industry grew rapidly, creating a construction boom for new hotels, golf courses and other tourist amenities. More than 1.1 million tourists visitGuameach year including about 1,000,000 from Japan and 150,000 from Korea. Setbacks in the 1990s include numerous super-typhoons, aM7.8 earthquake,and aKorean airline crash.

More recently, SARS, the Iraq war and most importantly the Japan economy and accompanying yen-to-dollar adjustments have significantly impacted tourism with spending per person in the retail and attraction sectors dropping to nearly 50% of the peak levels reached in the mid-1990s. Nevertheless, as of 2005 tourism is finally starting to stabilize and recover.

Most food and industrial goods are imported. As Guam's tourist economy continues slowly to recover, over $1 billion in military spending on the island is projected in the coming several years. The Government of Guam (GovGuam) is the biggest employer on the island (exceeding the tourism industry and the federal military), with a payroll and retirement burden that has led in recent years to an ongoing and growing budget deficit.

Statistics

GDP: purchasing power parity – $5.79 billion (2016 est.)

GDP – real growth rate: 0.4%

GDP – per capita:' $35,600

purchasing power parity – Uses the US dollar

GDP – composition by sector:

agriculture:NA%

industry:NA%

services:NA%

Population belowpoverty line: 23% (2001 est.)

Household income or consumption by percentage share:

lowest 10%:NA%

highest 10%:NA%

Inflation rate(consumer prices): 1% (2017 est.)

Labor force: 69,390 (Non Military, 2010 est.)

Labor force – by occupation: federal and territorial government 31%, private 69% (trade 21%, services 33%, construction 12%, other 3%) (1995)

Unemployment rate: 4.5% (2017 est.)

Core General Fund:

revenues:$718.5 million (2021)

expenditures:$725.0 million, excluding expenses funded by federal grants (2021)

Industries: US military, tourism,construction,transshipmentservices,concreteproducts,printingandpublishing,food processing,textiles

Industrial production growth rate: NA%

Electricity– production: 1,734 GWh (2011 est.)

Electricity – production by source:

fossil fuel:100%

hydro:0%

nuclear:0%

other:0% (1998)

Electricity – consumption: 1,613 GWh (2011 est.)

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: United States25%

Imports: $202.4 million (c.i.f., 1992)

Imports – commodities: petroleumand petroleum products, food, manufactured goods

Imports – partners: United States23%,Japan19%, 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 theUS Federal Treasuryinto which Guamanian pay no income or excise taxes. Guamanians do however contribute toSocial SecurityandMedicarethroughFICAtaxes.

Currency: 1United States dollar(USD) = 100 cents

Exchange rates: US currency is used

Fiscal year: 1 October – 30 September