Economic 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.
GDP: purchasing power parity - $2 billion (1991 est.)
GDP real growth rate: NA%
GDP per capita: $14,000 (1991 est.)
GDP composition by sector: agriculture: NA% industry: NA% services: NA%
Inflation rate (consumer prices): 4% (1992 est.)
Labor force: 46,930 (1990) by occupation: federal and territorial government 40%, private 60% (trade 18%, services 15.6%, construction 13.8%, other 12.6%) (1990)
Unemployment rate: 2% (1992 est.)
Budget:
revenues: $525 million
expenditures: $395 million, including capital expenditures of $NA
(1991)
Industries: US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles