Guam: Economy#

US national defense spending is the main driver of Guam’s economy, followed by tourism and other services. Total federal spending (defense and non-defense) amounted to $1.973 billion in 2014, or 40.4% of GDP. Service exports, mainly spending by foreign tourists while on Guam, amounted to $651 million in 2013, or 13.3% of GDP. In 2013, Guam’s economy grew 0.6%. Despite slow growth, Guam’s economy has been stable over the last decade. National defense spending cushions the island’s economy against fluctuations in tourism. Guam serves as a forward US base for the Western Pacific and is home to thousands of American military personnel. Federal grants amounted to $373.3 million in 2013, or 32.6% of Guam’s total revenues for the fiscal year.

Economic Facts#

GDP (purchasing power parity)$4.882 billion (2013 est.)
$4.756 billion (2012 est.)
$4.562 billion (2011 est.)
GDP (official exchange rate)$4.6 billion (2010 est.)
GDP - real growth rate0.6% (2013 est.)
1.8% (2012)
-0.3% (2011)
GDP - per capita (PPP)$30,500 (2013 est.)
$29,800 (2012 est.)
$28,600 (2011 est.)
GDP - composition, by end usehousehold consumption: 63.7%
government consumption: 64.9%
investment in fixed assets: 5.8%
investment in inventories: NA
exports of goods and services: 17%
imports of goods and services: -51.2% (2013)
GDP - composition, by sector of originagriculture: NA%
industry: NA%
services: NA%
Agriculture - productsfruits, copra, vegetables; eggs, pork, poultry, beef
Industriesnational defense, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles
Industrial production growth rateNA%
Labor force70,490
note: this number is for the civilian labor force only (2013 est.)
Labor force - by occupationagriculture: 0.3%
industry: 21.6%
services: 78.1% (2013)
Unemployment rate8.4% (2013 est.)
8.2% (2010 est.)
Population below poverty line23% (2001 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $1.147 billion
expenditures: $1.188 billion (2013 est.)
Taxes and other revenues24.9% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-0.9% of GDP (2013 est.)
Public debt32.1% of GDP (2013)
35.8% of GDP (2012)
Fiscal year1 October - 30 September
Inflation rate (consumer prices)1.8% (2014 est.)
4% (2011 est.)
Exports$828 million (2013 est.)
$795 million (2012)
Exports - commoditiestransshipments of refined petroleum products, construction materials, fish, foodstuffs and beverages
Imports$2.501 billion (2013 est.)
$2.438 billion (2012)
Imports - commoditiespetroleum and petroleum products, food, manufactured goods
Debt - external$NA
Exchange ratesthe US dollar is used