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Guam Economy 1996
The economy depends mainly on US military spending and on revenues from
tourism. Over the past 20 years the tourist industry has grown rapidly,
creating a construction boom for new hotels and the expansion of older ones.
Visitors numbered about 900,000 in 1992. The slowdown in Japanese economic
growth has been reflected in less vigorous growth in the tourism sector.
About 60% of the labor force works for the private sector and the rest for
government. Most food and industrial goods are imported, with about 75% from
the US. Guam faces the problem of building up the civilian economic sector
to offset the impact of military downsizing.
GDP - purchasing power parity - $2 billion (1991 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$395 million, including capital expenditures of $NA (1991)
$34 million (f.o.b., 1984)
mostly transshipments of refined petroleum products, construction materials,
fish, food and beverage products
US 25%, Trust Territory of the Pacific Islands 63%, other 12%
$493 million (c.i.f., 1984)
petroleum and petroleum products, food, manufactured goods
US 23%, Japan 19%, other 58%
US military, tourism, construction, transshipment services, concrete
products, printing and publishing, food processing, textiles
relatively undeveloped with most food imported; fruits, vegetables, eggs,
pork, poultry, beef, copra
although Guam receives no foreign aid, it does receive large transfer
payments from the general revenues of the US Federal Treasury into which
Guamanians pay no income or excise taxes; under the provisions of a special
law of Congress, the Guamanian Treasury, rather than the US Treasury,
receives federal income taxes paid by military and civilian Federal
employees stationed in Guam
1 United States dollar (US$) = 100 cents
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