Economy Of Guam
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Economy overview
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The economy depends on US military spending, tourism, and the export of fish and handicrafts. Total US grants, wage payments, and procurement outlays amounted to $1 billion in 1998. Over the past 20 years, the tourist industry has grown rapidly, creating a construction boom for new hotels and the expansion of older ones. More than 1 million tourists visit Guam each year. The industry had recently suffered setbacks because of the continuing Japanese slowdown; the Japanese normally make up almost 90% of the tourists. Most food and industrial goods are imported. Guam faces the problem of building up the civilian economic sector to offset the impact of military downsizing.
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GDP
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purchasing power parity - $3.2 billion (2000 est.)
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GDP - real growth rate
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NA
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GDP - per capita
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purchasing power parity - $21,000 (2000 est.)
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GDP - composition by sector
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agriculture: 7%
industry: 15%
services: 78% (2002 est.)
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Investment gross fixed
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Population below poverty line
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23% (2001 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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0% (1999 est.)
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Labor force
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60,000 (2000 est.)
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Labor force by occupation
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private 74% (industry 10%, trade 24%, other services 40%), federal and territorial government 26% (2000 est.)
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Unemployment rate
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15% (2000 est.)
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Budget
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revenues: $340 million
expenditures: $445 million, including capital expenditures of NA (2000 est.)
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Public debt
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Agriculture products
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fruits, copra, vegetables; eggs, pork, poultry, beef
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Industries
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US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles
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Industrial production growth rate
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NA
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Electricity production
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830 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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771.9 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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20,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$38 million f.o.b. (2002 est.)
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Exports commodities
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mostly transshipments of refined petroleum products; construction materials, fish, food and beverage products
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Exports partners
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Japan 70.1%, South Korea 17.9%, Singapore 6% (2003)
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Imports
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$462 million f.o.b. (2002 est.)
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Imports commodities
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petroleum and petroleum products, food, manufactured goods
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Imports partners
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Singapore 35.8%, Japan 22.2%, South Korea 17.5%, Hong Kong 11.4% (2003)
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Reserves of foreign exchange gold
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Debt external
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NA (2003 est.)
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Economic aid recipient
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Guam receives large transfer payments from the US Federal Treasury ($143 million in 1997) into which Guamanians pay no income or excise taxes; under the provisions of a special law of Congress, the Guam Treasury, rather than the US Treasury, receives federal income taxes paid by military and civilian Federal employees stationed in Guam (2001 est.)
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Currency
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US dollar (USD)
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Currency code
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USD
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Exchange rates
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the US dollar is used
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Fiscal year
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1 October - 30 September
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Applied Language Solutions offer English Translation , English to Chamorro Translation , English to Japanese Translation .
This information was reproduced in part from the CIA World Fact book.
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