Guam Economy:
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 had 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: 7%
industry: 15%
services: 78%
(2002)
Labor force:
60,000 (2000 est.)
Labor force — by occupation:
private: 74% industry 10%, trade 24%, other services 40%, federal and territorial government: 26% (2000 est.)
Unemployment rate:
15% (2000 est.)
Population below poverty line:
23% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
0% (1999 est.)
Budget:
revenues: $340 million (2000 est.)
expenditures: $445 million including capital expenditures of NA (2000 est.)
Agriculture — products:
Fruits, copra, vegetables; eggs, pork, poultry, beef
Industries:
US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles
Industrial production growth rate:
NA
Electricity — production:
835 million kWh (2002 est.)
Electricity — consumption:
776.6 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
20,000 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$38 million (f.o.b. 2002 est.)
Exports — commodities:
refined petroleum products, construction materials, fish, food and beverage products
Exports — partners:
Japan 66.1%, South Korea 9.9%, Singapore 8.4%, (2004)
Imports:
$462 million (f.o.b. 2002 est.)
Imports — commodities:
petroleum and petroleum products, food, manufactured goods
Imports — partners:
Singapore 39.5%, South Korea 20.8%, Japan 19%, Hong Kong 9%, Philippines 4.3% (2004)
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 (2001 est.)
Currency:
US dollar (USD)
Exchange rates:
the US dollar is used
Fiscal year:
1 October - 30 September
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