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Guam: Economy

Economy Guam
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: 7%
industry: 15%
services: 78% (2002 est.)
Population below poverty line:
23% (2001 est.)
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: $340 million
expenditures: $445 million, including capital expenditures of $NA (2000 est.)
Industries:
US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles
Industrial production growth rate:
NA%
Electricity - production:
830 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
771.9 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
20,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
fruits, copra, vegetables; eggs, pork, poultry, beef
Exports:
$75.7 million f.o.b. (1999 est.)
Exports - commodities:
mostly transshipments of refined petroleum products; construction materials, fish, food and beverage products
Exports - partners:
Japan 81.7%, South Korea 6.1%, Canada 2.4% (2002)
Imports:
$203 million f.o.b. (1999 est.)
Imports - commodities:
petroleum and petroleum products, food, manufactured goods
Imports - partners:
Singapore 40.5%, South Korea 21.7%, Japan 21.6%, Hong Kong 4.9% (2002)
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

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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