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Guam Economy 1996

    • Overview:
      The economy depends mainly on US military spending and on revenues from tourism. Over the past 20 years the tourist industry has grown rapidly, creating a construction boom for new hotels and the expansion of older ones. Visitors numbered about 900,000 in 1992. The slowdown in Japanese economic growth has been reflected in less vigorous growth in the tourism sector. About 60% of the labor force works for the private sector and the rest for government. 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.

    • National product:
      GDP - purchasing power parity - $2 billion (1991 est.)

    • National product real growth rate:

    • National product per capita:
      $14,000 (1991 est.)

    • Inflation rate (consumer prices):
      4% (1992 est.)

    • Unemployment rate:
      2% (1992 est.)

    • Budget:

        $525 million

        $395 million, including capital expenditures of $NA (1991)

    • Exports:
      $34 million (f.o.b., 1984)

        mostly transshipments of refined petroleum products, construction materials, fish, food and beverage products

        US 25%, Trust Territory of the Pacific Islands 63%, other 12%

    • Imports:
      $493 million (c.i.f., 1984)

        petroleum and petroleum products, food, manufactured goods

        US 23%, Japan 19%, other 58%

    • External debt:

    • Industrial production:
      growth rate NA%

    • Electricity:

        300,000 kW

        750 million kWh

        consumption per capita:
        4,797 kWh (1993)

    • Industries:
      US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles

    • Agriculture:
      relatively undeveloped with most food imported; fruits, vegetables, eggs, pork, poultry, beef, copra

    • Economic aid:
      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

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