Economy

Economy—overview: The economy depends mainly on US military spending and on revenue generated by the tourism industry. 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 one million tourists visit Guam each year. Most food and industrial goods are imported with about 75% from the US. 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%

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

Labor force:

total: 65 660 (1995)

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—capacity: 302 000 kW (1995)

Electricity—production: 755 million kWh (1995)

Electricity—consumption per capita: 4 925 kWh (1995)

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

Exports:

total value: $86.1 million (f.o.b. 1992)

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

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 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 Guamanian 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