Guamanian Economy, Guam Economy
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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
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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