Guam's Economy | Guamanian Economy

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 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:

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 est.)

Population below poverty line: 23% (2001 est.)

Household income or consumption by percentage share: lowest 10%: NA highest 10%: NA

Distribution of family income - Gini index:

Inflation rate (consumer prices):

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.)

Budget: revenues: $340 million expenditures: $445 million, including capital expenditures of NA (2000 est.)

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)

Electricity - production by source:

Electricity - consumption: 776.6 million kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 20,000 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

Agriculture - products: fruits, copra, vegetables; eggs, pork, poultry, beef

Exports: $38 million f.o.b. (2002 est.)

Exports - commodities: mostly transshipments of 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:

Currency code:

Exchange rates: the US dollar is used

Fiscal year: 1 October - 30 September



Links: Guam Travel Blogs (all) | Guam Travel Photos | Guam Travel Forum | Hotels in Guam | Hostels in Guam | Cheap flights to Guam | Guam Facts | Map of Guam