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: 7%
industry: 15%
services: 78% (2002 est.)
Population below poverty line:
23% (2001 est.)
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: $340 million
expenditures: $445 million, including capital expenditures of $NA (2003 est.)
Industries:
US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles
Industrial production growth rate:
NA%
Electricity - production:
830 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
771.9 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
20,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
fruits, copra, vegetables; eggs, pork, poultry, beef
Exports:
$75.7 million f.o.b. (1999 est.)
Exports - commodities:
mostly transshipments of refined petroleum products; construction materials, fish, food and beverage products
Exports - partners:
US 25%, Hong Kong, Japan, Federated States of Micronesia
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
NOTE: The information regarding Guam on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Guam Economy 2003 should be addressed to the CIA.
