Guam Economy 2008

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%

Labor force:
62,050 (2002 est.)

Labor force - by occupation:
agriculture: 26%
industry: 10%
services: 64% (2004 est.)

Unemployment rate:
11.4% (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):
2.5% (2005 est.)

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

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

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

Industrial production growth rate:
NA%

Electricity - production:
1.793 billion kWh (2005)

Electricity - consumption:
1.667 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005 est.)

Oil - consumption:
13,530 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
12,130 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$45 million f.o.b. (2004 est.)

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

Exports - partners:
Japan 67.2%, Singapore 11.6%, UK 4.8% (2006)

Imports:
$701 million f.o.b. (2004 est.)

Imports - partners:
Singapore 50%, South Korea 21.4%, Japan 14%, Hong Kong 4.6% (2006)

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 (2001 est.)

Debt - external:
$NA

Currency (code):
US dollar (USD)

Exchange rates:
the US dollar is used