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. It is typically authorized and maintained by a sovereign state, with its members identifiable by their distinct ...

spending and on

tourist Tourism is travel for pleasure or business; also the theory and practice of touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tours. The World Tourism Organization defines tourism mo ...

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 (; ch, Guåhan ) is an organized, unincorporated territory of the United States in the Micronesia subregion of the western Pacific Ocean. It is the westernmost point and territory of the United States (reckoned from the geographic cent ...

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 retail and attraction sectors now nearly 50% compared to their peak 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 to slowly 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.

GDP Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...

: purchasing power parity – $5.79 billion (2016 est.) The World Factbook
/ref> GDP – real growth rate: 0.4% GDP – per capita:' $35,600 purchasing power parity – Uses the US dollar GDP – composition by sector: : ''agriculture:'' NA% : ''industry:'' NA% : ''services:'' NA% 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 t ...

: 23% (2001 est.) Household income or consumption by percentage share: : ''lowest 10%:'' NA% : ''highest 10%:'' NA%

Inflation rate In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reductio ...

(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 people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the referen ...

: 4.5% (2017 est.) Budget: : ''revenues:'' $524.3 million : ''expenditures:'' $361.4 million, including capital expenditures of $NA (1995) Industries: US military, tourism,

construction Construction is a general term meaning the art and science to form objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and com ...

transshipment Transshipment, trans-shipment or transhipment is the shipment of goods or containers to an intermediate destination, then to another destination. One possible reason for transshipment is to change the means of transport during the journey (e.g. ...

services,

concrete Concrete is a composite material composed of fine and coarse aggregate bonded together with a fluid cement (cement paste) that hardens (cures) over time. Concrete is the second-most-used substance in the world after water, and is the most wi ...

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 ea ...

and

publishing Publishing is the activity of making information, literature, music, software and other content available to the public for sale or for free. Traditionally, the term refers to the creation and distribution of printed works, such as books, newsp ...

food processing Food processing is the transformation of agricultural products into food, or of one form of food into other forms. Food processing includes many forms of processing foods, from grinding grain to make raw flour to home cooking to complex industr ...

textile Textile is an umbrella term that includes various fiber-based materials, including fibers, yarns, filaments, threads, different fabric types, etc. At first, the word "textiles" only referred to woven fabrics. However, weaving is not the ...

s Industrial production growth rate: NA%

Electricity Electricity is the set of physical phenomena associated with the presence and motion of matter that has a property of electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagnetism, as described ...

– production: 1,734 GWh (2011 est.) Electricity – production by source: : ''

fossil fuel A fossil fuel is a hydrocarbon-containing material formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and burned as a fuel. The main fossil fuels are coal, oil, and natural gas. Fossil fuels m ...

:'' 100% : ''

hydro Hydro from Ancient Greek word ὕδωρ (húdōr), meaning ''water''. Hydro may also refer to: Energy technologies * Water-derived power or energy: ** Hydropower, derived from water ** Hydroelectricity, in electrical form * "Hydro", AC mains ...

:'' 0% : ''

nuclear Nuclear may refer to: Physics Relating to the nucleus of the atom: * Nuclear engineering *Nuclear physics *Nuclear power *Nuclear reactor *Nuclear weapon *Nuclear medicine *Radiation therapy *Nuclear warfare Mathematics *Nuclear space *Nuclear ...

:'' 0% : ''other:'' 0% (1998) Electricity – consumption: 1,613 GWh (2011 est.) Electricity – exports: 0 kWh (1998) Electricity – imports: 0 kWh (1998)

Agriculture Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to ...

– products: fruits,

copra Copra (from ) is the dried, white flesh of the coconut from which coconut oil is extracted. Traditionally, the coconuts are sun-dried, especially for export, before the oil, also known as copra oil, is pressed out. The oil extracted from copr ...

, vegetables; eggs,

pork Pork is the culinary name for the meat of the domestic pig (''Sus domesticus''). It is the most commonly consumed meat worldwide, with evidence of pig husbandry dating back to 5000 BCE. Pork is eaten both freshly cooked and preserved; ...

poultry Poultry () are domesticated birds kept by humans for their eggs, their meat or their feathers. These birds are most typically members of the superorder Galloanserae (fowl), especially the order Galliformes (which includes chickens, quails, a ...

beef Beef is the culinary name for meat from cattle (''Bos taurus''). In prehistoric times, humankind hunted aurochs and later domesticated them. Since that time, numerous breeds of cattle have been bred specifically for the quality or quantity ...

Exports: $86.1 million (f.o.b., 1992) Exports – commodities: mostly transshipments of refined petroleum products, construction materials, fish, food and beverage products Exports – partners:

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

25% Imports: $202.4 million (c.i.f., 1992) Imports – commodities:

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

and petroleum products, food, manufactured goods Imports – partners:

23%,

Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...

19%, other 58% Debt – external: $NA Economic aid – recipient: $NA; note – although Guam receives no foreign aid, it does receive large transfer payments from the general revenues of the US Federal Treasury into which Guamanian pay no income or excise taxes. Guamanians do however contribute to

Social Security Welfare, or commonly social welfare, 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 specificall ...

and Medicare through

FICA The Federal Insurance Contributions Act (FICA ) is a United States federal payroll (or employment) contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for ret ...

taxes. Currency: 1

United States dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...

(USD) = 100 cents Exchange rates: US currency is used

Fiscal year A fiscal year (or 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. Laws in many ...

: 1 October – 30 September

References

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