Guam Economy Profile 2009

Economy - overview

The economy depends largely on US military spending and tourism. Total US grants, wage payments, and procurement outlays amounted to $1.3 billion in 2004. Over the past 30 years, the tourist industry has grown to become the largest income source following national defense. The Guam economy continues to experience expansion in both its tourism and military sectors.

GDP (purchasing power parity)

$2.5 billion (2005 est.)

GDP (official exchange rate)

$2.773 billion (2001)

GDP - real growth rate

NA%

GDP - per capita (PPP)

$15,000 (2005 est.)

GDP - composition by sector

agriculture: NA%
industry: NA%
services: NA%

Population below poverty line

23% (2001 est.)

Labor force

82,950 (2007 est.)

Labor force - by occupation

agriculture: 26%
industry: 10%
services: 64% (2004 est.)

Unemployment rate

11.4% (2002 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $319.6 million
expenditures: $427.8 million (2002 est.)

Inflation rate (consumer prices)

2.5% (2005 est.)

Industries

US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles

Industrial production growth rate

NA%

Electricity - production

1.789 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

1.664 billion kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

12,780 bbl/day (2007 est.)

Oil - imports

13,530 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Agriculture - products

fruits, copra, vegetables; eggs, pork, poultry, beef

Exports

$45 million (2004 est.)

Exports - commodities

transshipments of refined petroleum products, construction materials, fish, food and beverage products

Imports

$701 million (2004 est.)

Imports - commodities

petroleum and petroleum products, food, manufactured goods

Debt - external

$NA

Economic aid - recipient

Guam receives large transfer payments from 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 (2001 est.)

Currency (code)

US dollar (USD)

Currency (code)

USD

Exchange rates

the US dollar is used

Fiscal year

1 October - 30 September