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Guam Economy




Guam    Economy Top of Page
Economy - overview: The economy depends on US military spending, tourism, and the export of fish and handicrafts. Total US grants, wage payments, and procurement outlays amounted to $1 billion in 1998. 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 has recently suffered setbacks because of the continuing Japanese slowdown; 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 - $3.2 billion (2000 est.)
GDP - real growth rate: NA%
GDP - per capita: purchasing power parity - $21,000 (2000 est.)
GDP - composition by sector: agriculture:  NA%

industry:  15% (1993)

services:  NA%
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 0% (1999 est.)
Labor force: 60,000 (2000 est.)
Labor force - by occupation: federal and territorial government 26%, private 74% (trade 24%, other services 40%, industry 10%) (2000 est.)
Unemployment rate: 15% (2000 est.)
Budget: revenues:  $605.3 million

expenditures:  $654.2 million, including capital expenditures of $NA (2000)
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 (1999)
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 744 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: fruits, copra, vegetables; eggs, pork, poultry, beef
Exports: $75.7 million (f.o.b., 1999)
Exports - commodities: mostly transshipments of refined petroleum products; construction materials, fish, food and beverage products
Exports - partners: US 25%
Imports: $203 million (f.o.b., 1999 est.)
Imports - commodities: petroleum and petroleum products, food, manufactured goods
Imports - partners: US 23%, Japan 19%
Debt - external: $NA
Economic aid - recipient: Guam receives large transfer payments from the US Federal Treasury ($143 million in 1997) 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: US dollar (USD)
Currency code: USD
Exchange rates: the US dollar is used
Fiscal year: 1 October - 30 September

 

Countryfacts Information Courtesy: CIA Worldbook








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