Economy of Guam
Economy - overview: The economy depends mainly on US military spending and on tourist revenue. 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 suffered a setback in 1998 because of the continuing Japanese recession; 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 billion (1996 est.)
GDP - real growth rate: NA%
GDP - per capita: purchasing power parity - $19,000 (1996 est.)
GDP - composition by sector:
- agriculture: NA%
- industry: NA%
- services: NA%
Household income or consumption by percentage share:
- lowest 10%: NA%
- highest 10%: NA%
Labor force: 65,660 (1995)
Labor force - by occupation: federal and territorial government 31%, private 69% (trade 21%, services 33%, construction 12%, other 3%) (1995)
Unemployment rate: 2% (1992 est.)
Budget:
- revenues: $524.3 million
- expenditures: $361.4 million, including capital expenditures of $NA (1995)
Industrial production growth rate: NA%
Electricity - production: 800 million kWh (1998)
Electricity - production by source:
- fossil fuel: 100%
- hydro: 0%
- nuclear: 0%
- other: 0% (1998)
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 States 25%
Imports: $202.4 million (c.i.f., 1992)
Imports - commodities: petroleum and petroleum products, food, manufactured goods
Imports - partners: United States 23%, Japan 19%, 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 the US Federal Treasury 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: 1 United States dollar (USD) = 100 cents
Exchange rates: US currency is used
Fiscal year: 1 October - 30 September
- See also : Guam