Guam Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

US national defense spending is the main driver of Guam’s economy, followed closely by tourism and other services. Guam serves as a forward US base for the Western Pacific and is home to thousands of American military personnel. Total federal spending (defense and non-defense) amounted to $1.988 billion in 2016, or 34.2 of Guam’s GDP. Of that total, federal grants and cover-over payments amounted to $3444.1 million in 2016, or 35.8% of Guam’s total revenues for the fiscal year. In 2016, Guam’s economy grew 0.3%. Despite slow growth, Guam’s economy has been stable over the last decade. National defense spending cushions the island’s economy against fluctuations in tourism. Service exports, mainly spending by foreign tourists in Guam, amounted to over $1 billion for the first time in 2016, or 17.8% of GDP.

Real GDP (purchasing power parity)

$5.793 billion (2016 est.)

$5.697 billion (2015 est.)

$5.531 billion (2014 est.)

Real GDP growth rate

0.4% (2016 est.)

0.5% (2015 est.)

1.6% (2014 est.)

Real GDP per capita

$35,600 (2016 est.)

$35,200 (2015 est.)

$34,400 (2014 est.)

GDP (official exchange rate)

$5.793 billion (2016 est.)

Inflation rate (consumer prices)

1% (2017 est.)

0% (2016 est.)

GDP - composition, by sector of origin

agriculture: NA

industry: NA

services: 58.4% (2015 est.)

GDP - composition, by end use

household consumption: 56.2% (2016 est.)

government consumption: 55% (2016 est.)

investment in fixed capital: 20.6% (2016 est.)

investment in inventories: (2016 est.) NA

exports of goods and services: 19.4% (2016 est.)

imports of goods and services: -51.2% (2016 est.)

Agricultural products

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

Industries

national defense, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles

Industrial production growth rate

N/A

Labor force

73,210 (2016 est.)

note: includes only the civilian labor force

Labor force - by occupation

agriculture: 0.3%

industry: 21.6%

services: 78.1% (2013 est.)

Unemployment rate

4.5% (2017 est.)

3.9% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 29.4%

male: 29.7%

female: 28.9% (2011 est.)

Population below poverty line

23% (2001 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 1.24 billion (2016 est.)

expenditures: 1.299 billion (2016 est.)

Budget surplus (+) or deficit (-)

-1% (of GDP) (2016 est.)

Public debt

22.1% of GDP (2016 est.)

32.1% of GDP (2013)

Taxes and other revenues

21.4% (of GDP) (2016 est.)

Fiscal year

1 October - 30 September

Exports

$1.124 billion (2016 est.)

$1.046 billion (2015 est.)

Exports - partners

South Korea 31%, Hong Kong 27%, Taiwan 18%, Philippines 7% (2019)

Exports - commodities

scrap iron, electric batteries, gas turbines, scrap copper, beauty products (2019)

Imports

$2.964 billion (2016 est.)

$3.054 billion (2015 est.)

Imports - partners

Singapore 33%, Japan 21%, South Korea 18%, Hong Kong 9%, Malaysia 6% (2019)

Imports - commodities

refined petroleum, trunks/cases, cars, insulated wire, broadcasting equipment (2019)

Debt - external

N/A

Exchange rates

the US dollar is used

NOTE: The information regarding Guam on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Guam 2022 information contained here. All suggestions for corrections of any errors about Guam 2022 should be addressed to the CIA or the source cited on each page.