The economy of Guam depends mainly on US

military A military, also known collectively as armed forces, is a heavily armed, highly organized force primarily intended for warfare. Militaries are typically authorized and maintained by a sovereign state, with their members identifiable by a d ...

spending and on tourist revenue. Over the past 20 years, the tourist industry grew rapidly, creating a construction boom for new hotels, golf courses and other tourist amenities. More than 1.1 million tourists visit

Guam Guam ( ; ) is an island that is an Territories of the United States, organized, unincorporated territory of the United States in the Micronesia subregion of the western Pacific Ocean. Guam's capital is Hagåtña, Guam, Hagåtña, and the most ...

each year including about 1,000,000 from Japan and 150,000 from Korea. Setbacks in the 1990s include numerous super-typhoons, a M7.8 earthquake, and a Korean airline crash. More recently, SARS, the Iraq war and most importantly the Japan economy and accompanying yen-to-dollar adjustments have significantly impacted tourism with spending per person in the retail and attraction sectors dropping to nearly 50% of the peak levels reached in the mid-1990s. Nevertheless, as of 2005 tourism is finally starting to stabilize and recover. Most food and industrial goods are imported. As Guam's tourist economy continues slowly to recover, over $1 billion in military spending on the island is projected in the coming several years. The Government of Guam (GovGuam) is the biggest employer on the island (exceeding the tourism industry and the federal military), with a payroll and retirement burden that has led in recent years to an ongoing and growing budget deficit.

Statistics

Gross domestic product

GDP:

purchasing power parity Purchasing power parity (PPP) is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currency, currencies. PPP is effectively the ratio of the price of a market bask ...

– $5.79 billion (2016 est.)The World Factbook
/ref> GDP (PPP) growth rate: 0.4% GDP per capita (PPP): $35,600 (2016 est.) GDP composition by sector: * Agriculture: N/A * Industry: N/A * Services: N/A

Income and employment

Population below

poverty line The poverty threshold, poverty limit, poverty line, or breadline is the minimum level of income deemed adequate in a particular country. The poverty line is usually calculated by estimating the total cost of one year's worth of necessities for ...

: 23% (2001 est.) Inflation rate (consumer prices): 1% (2017 est.) Labor force: 69,390 (non-military, 2010 est.) Labor force by occupation: federal and territorial government 31%, private 69% (trade 21%, services 33%, construction 12%, other 3%) (1995)

Unemployment rate Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is the proportion of people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work d ...

: 4.5% (2017 est.)

Core general fund

* Revenues: $718.5 million (2021) * Expenditures: $725.0 million, excluding expenses funded by federal grants (2021)

Industry

Industries: US military, tourism,

construction Construction are processes involved in delivering buildings, infrastructure, industrial facilities, and associated activities through to the end of their life. It typically starts with planning, financing, and design that continues until the a ...

, transshipment services,

concrete Concrete is a composite material composed of aggregate bound together with a fluid cement that cures to a solid over time. It is the second-most-used substance (after water), the most–widely used building material, and the most-manufactur ...

products,

printing Printing is a process for mass reproducing text and images using a master form or template. The earliest non-paper products involving printing include cylinder seals and objects such as the Cyrus Cylinder and the Cylinders of Nabonidus. The ...

and

publishing Publishing is the activities of making information, literature, music, software, and other content, physical or digital, available to the public for sale or free of charge. Traditionally, the term publishing refers to the creation and distribu ...

food processing Food processing is the transformation of agricultural products into food, or of one form of food into other forms. Food processing takes many forms, from grinding grain into raw flour, home cooking, and complex industrial methods used in the mak ...

textile Textile is an Hyponymy and hypernymy, umbrella term that includes various Fiber, fiber-based materials, including fibers, yarns, Staple (textiles)#Filament fiber, filaments, Thread (yarn), threads, and different types of #Fabric, fabric. ...

s Industrial production growth rate: N/A

Electricity Electricity is the set of physical phenomena associated with the presence and motion of matter possessing an electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagnetism, as described by Maxwel ...

production: 1,734 GWh (2011 est.) Electricity production by source: * Fossil fuels: 100% * Hydro: 0% * Nuclear: 0% * Other: 0% (1998) Electricity consumption: 1,613 GWh (2011 est.)

Trade

Agricultural Agriculture encompasses crop and livestock production, aquaculture, and forestry for food and non-food products. Agriculture was a key factor in the rise of sedentary human civilization, whereby farming of domesticated species created f ...

products: fruits, copra, vegetables, eggs,

pork Pork is the culinary name for the meat of the pig (''Sus domesticus''). It is the most commonly consumed meat worldwide, with evidence of pig animal husbandry, husbandry dating back to 8000–9000 BCE. Pork is eaten both freshly cooke ...

poultry Poultry () are domesticated birds kept by humans for the purpose of harvesting animal products such as meat, Eggs as food, eggs or feathers. The practice of animal husbandry, raising poultry is known as poultry farming. These birds are most typ ...

beef Beef is the culinary name for meat from cattle (''Bos taurus''). Beef can be prepared in various ways; Cut of beef, cuts are often used for steak, which can be cooked to varying degrees of doneness, while trimmings are often Ground beef, grou ...

Exports

Total: $1.403 billion (2019 est.) Exported commodities: refined petroleum, scrap iron, scrap copper, trunks and cases, aircraft parts (2022) Export partners:

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

30%,

Taiwan Taiwan, officially the Republic of China (ROC), is a country in East Asia. The main geography of Taiwan, island of Taiwan, also known as ''Formosa'', lies between the East China Sea, East and South China Seas in the northwestern Pacific Ocea ...

20%,

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

14%,

Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...

12%,

Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...

8% (2022)

Imports

Total: $3.552 billion (2019 est.) Imported commodities: refined petroleum, cars, raw iron bars, electric generating sets, trunks and cases (2022) Import partners: South Korea 37%, Singapore 35%,

Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...

12%, Taiwan 3%, Hong Kong 3% (2022) External debt: N/A Economic aid received: N/A; note – 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. Guamanians do however contribute to

Social Security Welfare spending is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance ...

and Medicare through FICA taxes. Currency: 1

United States dollar The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

(USD) = 100 cents

Fiscal year A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. La ...

: 1 October – 30 September

References

{{Asia in topic, Economy of