Guam Economy 2001

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: NA%
industry: 15% (1993)
services: NA%

Population below poverty line: NA%

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: $605.3 million
expenditures: $654.2 million, including capital expenditures of $NA (2000)

Industries: US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles

Industrial production growth rate: NA%

Electricity - production: 800 million kWh (1999)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 744 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: fruits, copra, vegetables; eggs, pork, poultry, beef

Exports: $75.7 million (f.o.b., 1999)

Exports - commodities: mostly transshipments of refined petroleum products; construction materials, fish, food and beverage products

Exports - partners: US 25%

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 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guam Economy 2001 information contained here. All suggestions for corrections of any errors about Guam Economy 2001 should be addressed to the CIA.