Guam Economy - 2024

Economic overview

small Pacific island US territorial economy; upper income, tourism-based economy; hard-hit by COVID-19 disruptions; relaunched many industries via vaccination tourism; domestic economy relies on multiple military bases; environmentally fragile economy

Real GDP (purchasing power parity)

$5.793 billion (2016 est.)
$5.697 billion (2015 est.)
$5.531 billion (2014 est.)

Real GDP growth rate

1.06% (2021 est.)
-11.39% (2020 est.)
2.6% (2019 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

76,200 (2021 est.)

note: includes only the civilian labor force

Unemployment rate

6.98% (2021 est.)
6.8% (2020 est.)
5.51% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 15.3% (2021 est.)

male: 14.7%

female: 16.1%

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, scrap copper, boring/sinking machinery, leather handbags, rubber, scrap aluminum (2021)

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