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Guam
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Last Updated: Nov 6th, 2006 - 10:50:18 |
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Economy - overview:
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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.
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GDP:
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purchasing power parity - $3.2 billion (2000 est.)
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GDP - real growth rate:
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NA
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GDP - per capita:
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purchasing power parity - $21,000 (2000 est.)
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GDP - composition by sector:
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agriculture: 7%
industry: 15%
services: 78% (2002 est.)
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Population below poverty line:
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23% (2001 est.)
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Household income or consumption by percentage share:
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lowest 10%: NA
highest 10%: NA
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Inflation rate (consumer prices):
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0% (1999 est.)
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Labor force:
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60,000 (2000 est.)
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Labor force - by occupation:
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federal and territorial government 26%, private 74% (trade 24%, other services 40%, industry 10%) (2000 est.)
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Unemployment rate:
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15% (2000 est.)
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Budget:
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revenues: $340 million
expenditures: $445 million, including capital expenditures of NA (2000 est.)
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Agriculture - products:
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fruits, copra, vegetables; eggs, pork, poultry, beef
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Industries:
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US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles
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Industrial production growth rate:
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NA
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Electricity - production:
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830 million kWh (2001)
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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771.9 million kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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20,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Exports:
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$38 million f.o.b. (2002 est.)
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Exports - commodities:
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mostly transshipments of refined petroleum products; construction materials, fish, food and beverage products
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Exports - partners:
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Japan 79.7%, Singapore 6.8%, South Korea 5.1% (2003 est.)
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Imports:
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$462 million f.o.b. (2002 est.)
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Imports - commodities:
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petroleum and petroleum products, food, manufactured goods
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Imports - partners:
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Singapore 34.6%, Japan 21.5%, South Korea 20.4%, Hong Kong 11% (2003 est.)
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Debt - external:
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NA (2003 est.)
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Economic aid - recipient:
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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.)
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Currency:
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US dollar (USD)
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Currency code:
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USD
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Exchange rates:
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the US dollar is used
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Fiscal year:
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1 October - 30 September
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2006 by Classbrain.com
Keywords: Guam Economy, Guam, Economy, country of Guam, general information, country reports, classbrain, country information, information on Guam, Economy of Guam
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