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Economy of Guam

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The economy of Guam depends mainly on US military spending and on tourist revenue. Over the past 20 years, the tourist industry grew rapidly, creating a construction boom for new hotels, golf courses and other tourist amenities. More than 1.1 million tourists visit Guam each year including about 1,000,000 from Japan and 150,000 from Korea. Setbacks in the 1990s include numerous super-typhoons, a M7.8 earthquake, and a Korean airline crash.

More recently, SARS, the Iraq war and most importantly the Japan economy and accompanying yen-to-dollar adjustments have significantly impacted tourism with spending per person in the retail and attraction sectors dropping to nearly 50% of the peak levels reached in the mid-1990s. Nevertheless, as of 2005 tourism is finally starting to stabilize and recover.

Most food and industrial goods are imported. As Guam's tourist economy continues slowly to recover, over $1 billion in military spending on the island is projected in the coming several years. The Government of Guam (GovGuam) is the biggest employer on the island (exceeding the tourism industry and the federal military), with a payroll and retirement burden that has led in recent years to an ongoing and growing budget deficit.

Statistics

GDP: purchasing power parity – $5.79 billion (2016 est.) ^[1]

GDP – real growth rate: 0.4% ^[1]

GDP – per capita:' $35,600 ^[1]

purchasing power parity – Uses the US dollar

GDP – composition by sector:

agriculture: NA%

industry: NA%

services: NA%

Population below poverty line: 23% (2001 est.) ^[1]

Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices): 1% (2017 est.) ^[1]

Labor force: 69,390 (Non Military, 2010 est.) ^[1]

Labor force – by occupation: federal and territorial government 31%, private 69% (trade 21%, services 33%, construction 12%, other 3%) (1995)

Unemployment rate: 4.5% (2017 est.) ^[1]

Budget:

revenues: $524.3 million

expenditures: $361.4 million, including capital expenditures of $NA (1995)

Industries: US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles

Industrial production growth rate: NA%

Electricity – production: 1,734 GWh (2011 est.) ^[1]

Electricity – production by source:

fossil fuel: 100%

hydro: 0%

nuclear: 0%

other: 0% (1998)

Electricity – consumption: 1,613 GWh (2011 est.) ^[1]

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 Guamanian pay no income or excise taxes. Guamanians do however contribute to Social Security and Medicare through FICA taxes.^[2]

Currency: 1 United States dollar (USD) = 100 cents

Exchange rates: US currency is used

Fiscal year: 1 October – 30 September

References

^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ The World Factbook
^ "Archived copy" (PDF). Archived from the original (PDF) on 2016-03-04. Retrieved 2015-05-29.{{cite web}}: CS1 maint: archived copy as title (link)

v t e Territory of Guam
Hagåtña (capital)
Topics	Communications Demographics Economy Geography Geology Government History Transportation
Geography	Apra Harbor Bays (Agat, Pago, Piti, Talofofo, Tumon) Beaches Cabras Island Census-designated places Cocos Island and Lagoon Mountains (Lamlam, Jumullong Manglo) Orote Peninsula Two Lovers Point
Villages	Agana Heights Asan‑Maina Barrigada Chalan Pago-Ordot Dededo Hågat Hagåtña Humåtak Inalåhan Mangilao Malesso Mongmong-Toto-Maite Piti Sånta Rita-Sumai Sinajana Talo'fo'fo Tamuning Yigo Yona
History	Earthquakes Typhoons Spanish–Chamorro Wars 1856 smallpox epidemic U.S. capture Japanese capture Japanese occupation 2nd U.S. capture Organic Act Elective Governor Acts Typhoon Karen Guam v. United States
Culture	Chamorro Nation Cuisine (Chalakiles, Estufao, Fina'denne', Guyuria, Kaddon pika, Kalamai, Kelaguen, Latiya, Roskette, Tinaktak) Guam Museum Liberation Day Latte stone Music (Belembaotuyan) National Register of Historic Places listings Roman Catholic Archdiocese of Agaña Schools Underwater diving Cuisine of the Mariana Islands (Shared with the Northern islands)
Bases	Joint Region Marianas Andersen Air Force Base Northwest Field Marine Corps Base Camp Blaz‎ Naval Base Guam Radio Barrigada NCTS Guam Naval Hospital Guam Ordnance Annex
Healthcare	Guam Memorial Hospital Guam Regional Medical City Naval Hospital Guam COVID-19 pandemic

v t e Economy of the United States by jurisdiction
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Federal District	District of Columbia
Territories	American Samoa Guam Northern Mariana Islands Puerto Rico U.S. Virgin Islands
Indian Reservations	Black Feet Nation Flathead Indian Reservation Navajo Nation Osage Nation Pine Ridge Indian Reservation Seneca
Cities or counties	Allentown Atlanta Buffalo Chicago Cleveland Columbus Detroit Door County Erie Houston Indianapolis Kansas City Lexington Long Island Louisville Memphis New York City Norfolk Omaha Philadelphia Phoenix Pittsburgh Salt Lake City San Diego Spokane St. Louis Stamford Youngstown Washington, D.C.

v t e Economy of Oceania
Sovereign states	Australia Federated States of Micronesia Fiji Kiribati Marshall Islands Nauru New Zealand Palau Papua New Guinea Samoa Solomon Islands Tonga Tuvalu Vanuatu
Associated states of New Zealand	Cook Islands Niue
Dependencies and other territories	American Samoa Christmas Island Clipperton Island Cocos (Keeling) Islands Easter Island French Polynesia Guam Hawaii New Caledonia Norfolk Island Northern Mariana Islands Pitcairn Islands Tokelau Wallis and Futuna

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