Short facts about the economy in Guam

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 has 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:	purchasing power parity - $3.2 billion (2000 est.)

GDP - real growth rate:

NA%

GDP - per capita:

purchasing power parity - $21,000 (2000 est.)

GDP - composition by sector:

agriculture:  NA% industry:  15% (1993) services:  NA%

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%:  NA% highest 10%:  NA%

Inflation rate (consumer prices):

0% (1999 est.)

Labor force:

60,000 (2000 est.)

Labor force - by occupation:

federal and territorial government 26%, private 74% (trade 24%, other services 40%, industry 10%) (2000 est.)

Unemployment rate:

15% (2000 est.)

Budget:

revenues:  $605.3 million expenditures:  $654.2 million, including capital expenditures of $NA (2000)

Industries:

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

Industrial production growth rate:

NA%

Electricity - production:

800 million kWh (1999)

Electricity - production by source:

fossil fuel:  100% hydro:  0% nuclear:  0% other:  0% (1999)

Electricity - consumption:

744 million kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

fruits, copra, vegetables; eggs, pork, poultry, beef

Exports:

$75.7 million (f.o.b., 1999)

Exports - commodities:

mostly transshipments of refined petroleum products; construction materials, fish, food and beverage products

Exports - partners:

US 25%

Imports:

$203 million (f.o.b., 1999 est.)

Imports - commodities:

petroleum and petroleum products, food, manufactured goods

Imports - partners:

US 23%, Japan 19%

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

Currency:

US dollar (USD)

Currency code:

USD

Exchange rates:

the US dollar is used

Fiscal year:

1 October - 30 September

Source: World Factbook