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

NOTE: The information regarding Guam on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guam Economy 1998 information contained here. All suggestions for corrections of any errors about Guam Economy 1998 should be addressed to the CIA.