Economy of GuamEconomy - 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:
Population below poverty line: NA% Household income or consumption by percentage share:
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:
Industries: US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles Industrial production growth rate: NA% Electricity - production: 800 GWh (1998) Electricity - production by source:
Electricity - consumption: 744 GWh (1998) Electricity - exports: 0 kWh (1998) Electricity - imports: 0 kWh (1998) 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: United States 25% Imports: $202.4 million (c.i.f., 1992) Imports - commodities: petroleum and petroleum products, food, manufactured goods Imports - partners: United States 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 (USD) = 100 cents Exchange rates: US currency is used Fiscal year: 1 October - 30 September
Categories: Guam | National economies |
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