Economy of Guam

Economy - overview:\nThe 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:\npurchasing power parity - $3 billion (1996 est.) GDP - real growth rate:\nNA% GDP - per capita:\npurchasing power parity - $19,000 (1996 est.) GDP - composition by sector:\n: agriculture: NA%\n: industry: NA%\n: services: NA% Population below poverty line:\nNA% Household income or consumption by percentage share:\n: lowest 10%: NA%\n: highest 10%: NA% Inflation rate (consumer prices):\n4% (1992 est.) Labor force:\n65,660 (1995) Labor force - by occupation:\nfederal and territorial government 31%, private 69% (trade 21%, services 33%, construction 12%, other 3%) (1995) Unemployment rate:\n2% (1992 est.) Budget:\n: revenues: $524.3 million\n: expenditures: $361.4 million, including capital expenditures of $NA (1995) Industries:\nUS military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles Industrial production growth rate:\nNA% Electricity - production:\n800 million kWh (1998) Electricity - production by source:\n: fossil fuel: 100%\n: hydro: 0%\n: nuclear: 0%\n: other: 0% (1998) Electricity - consumption:\n744 million kWh (1998) Electricity - exports:\n0 kWh (1998) Electricity - imports:\n0 kWh (1998) Agriculture - products:\nfruits, copra, vegetables; eggs, pork, poultry, beef Exports:\n$86.1 million (f.o.b., 1992) Exports - commodities:\nmostly transshipments of refined petroleum products, construction materials, fish, food and beverage products Exports - partners:\nUnited States 25% Imports:\n$202.4 million (c.i.f., 1992) Imports - commodities:\npetroleum and petroleum products, food, manufactured goods Imports - partners:\nUnited States 23%, Japan 19%, other 58% Debt - external:\n$NA Economic aid - recipient:\n$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:\n1 United States dollar (USD) = 100 cents Exchange rates:\nUS currency is used Fiscal year:\n1 October - 30 September

See also : Guam