Guam Economy 1997

Economy - overview The economy depends mainly on US military spending and on revenue generatedby the tourism industry. Over the past 20 years, the tourist industry hasgrown rapidly, creating a construction boom for new hotels and the expansionof older ones. More than one million tourists visit Guam each year. Most foodand industrial goods are imported, with about 75% from the US. Guam facesthe problem of building up the civilian economic sector to offset the impactof military downsizing.

GDP purchasing power parity - $3 billion (1996 est.)

GDP - real growth rate NA%

GDP - per capita purchasing power parity - $19,000 (1996 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services : NA%

Inflation rate - consumer price index 4% (1992 est.)

Labor force
total : 46,930 (1990)
by occupation: federal and territorial government 40%, private 60% (trade 18%, services15.6%, construction 13.8%, other 12.6%) (1990)

Unemployment rate 2% (1992 est.)

Budget
revenues : $525 million
expenditures: $395 million, including capital expenditures of $NA (1991)

Industries US military, tourism, construction, transshipment services, concreteproducts, printing and publishing, food processing, textiles

Industrial production growth rate NA%

Electricity - capacity 302,000 kW (1993)

Electricity - production 750 million kWh (1994)

Electricity - consumption per capita 4,566 kWh (1995 est.)

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

Exports
total value : $34 million (f.o.b., 1984)
commodities: mostly transshipments of refined petroleum products, construction materials,fish, food and beverage products
partners: US 25%, former Trust Territory of the Pacific Islands 63%, other 12%

Imports
total value: $493 million (c.i.f., 1984)
commodities: petroleum and petroleum products, food, manufactured goods
partners: US 23%, Japan 19%, other 58%

Debt - external $NA

Economic aid
recipient: although Guam receives no foreign aid, it does receive large transferpayments from the general revenues of the US Federal Treasury into which Guamanianspay no income or excise taxes; under the provisions of a special law of Congress,the Guamanian Treasury, rather than the US Treasury, receives federal incometaxes paid by military and civilian Federal employees stationed in Guam

Currency 1 United States dollar (US$) = 100 cents

Exchange rates US currency is used

Fiscal year 1 October - 30 September

NOTE: The information regarding Guam on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guam Economy 1997 information contained here. All suggestions for corrections of any errors about Guam Economy 1997 should be addressed to the CIA.