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Guam (territory of the US) Economy

    Economy—overview: The economy depends mainly on US military spending and on tourist revenue. 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 suffered a setback in 1998 because of the continuing Japanese recession; 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 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%

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 4% (1992 est.)

    Labor force: 65,660 (1995)

    Labor force—by occupation: federal and territorial government 31%, private 69% (trade 21%, services 33%, construction 12%, other 3%) (1995)

    Unemployment rate: 2% (1992 est.)

    Budget:
    revenues: $524.3 million
    expenditures: $361.4 million, including capital expenditures of $NA (1995)

    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 (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 800 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $86.1 million (f.o.b., 1992)

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

    Exports—partners: US 25%

    Imports: $202.4 million (c.i.f., 1992)

    Imports—commodities: petroleum and petroleum products, food, manufactured goods

    Imports—partners: US 23%, Japan 19%, other 58%

    Debt—external: $NA

    Economic aid—recipient: $NA; note—although Guam receives no foreign aid, it does receive large transfer payments from the general revenues of the US Federal Treasury 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: 1 United States dollar (US$) = 100 cents

    Exchange rates: US currency is used

    Fiscal year: 1 October—30 September

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)