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
[edit]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]
Core General Fund:
- revenues: $718.5 million (2021)[2]
- expenditures: $725.0 million, excluding expenses funded by federal grants (2021)
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.[3]
Currency: 1 United States dollar (USD) = 100 cents
Exchange rates: US currency is used
Fiscal year: 1 October – 30 September
References
[edit]- ^ a b c d e f g h i The World Factbook
- ^ "Popular Annual Financial Report (2021)" (PDF). Department of Administration.
- ^ "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)
