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 rate | 0.6% (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 use | household 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 origin | agriculture: NA% industry: NA% services: NA% |
| Agriculture - products | fruits, copra, vegetables; eggs, pork, poultry, beef |
| Industries | national defense, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles |
| Industrial production growth rate | NA% |
| Labor force | 70,490 note: this number is for the civilian labor force only (2013 est.) |
| Labor force - by occupation | agriculture: 0.3% industry: 21.6% services: 78.1% (2013) |
| Unemployment rate | 8.4% (2013 est.) 8.2% (2010 est.) |
| Population below poverty line | 23% (2001 est.) |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $1.147 billion expenditures: $1.188 billion (2013 est.) |
| Taxes and other revenues | 24.9% of GDP (2013 est.) |
| Budget surplus (+) or deficit (-) | -0.9% of GDP (2013 est.) |
| Public debt | 32.1% of GDP (2013) 35.8% of GDP (2012) |
| Fiscal year | 1 October - 30 September |
| Inflation rate (consumer prices) | 1.8% (2014 est.) 4% (2011 est.) |
| Exports | $828 million (2013 est.) $795 million (2012) |
| Exports - commodities | transshipments of refined petroleum products, construction materials, fish, foodstuffs and beverages |
| Imports | $2.501 billion (2013 est.) $2.438 billion (2012) |
| Imports - commodities | petroleum and petroleum products, food, manufactured goods |
| Debt - external | $NA |
| Exchange rates | the US dollar is used |