Economy - overview: The economy depends mainly on US military 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 million tourists visit Guam each year including about 900,000 from Japan and 150,000 from Korea. The industry suffered numerous setbacks in the 1990's including numerous super-typhoons, an 8.1 earthquake, and a Korean airline crash. More recently, SARS, the Iraq war and most importantly the Japan economy and acommpanying 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. Wikiquote has quotations relating to: United States Wikinews has news related to this article: United States United States government Official website of the United States government - Gateway to governmental sites White House - Official site of the US President Senate. ... A tourist boat travels the River Seine in Paris, France Tourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. ...

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. The Government of Guam (GovGuam) is the biggest employer on the island (exceeding the tourism industry and the federal military), with a payroll and retirment burden that has led in recent years to an ongoing and growing budget deficit.

GDP: purchasing power parity - $3 billion (1996 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $19,000 (1996 est.)

GDP - composition by sector:

agriculture: NA%

industry: NA%

services: NA%

Population below poverty line: NA% The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ...

Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices): 4% (1992 est.) In economics, the inflation rate is the rate of increase of the average price level (a measure of inflation). ...

Labor force: 65,660 (1995)

Labor force - by occupation: federal and territorial government 31%, private 69% (trade 21%, services 33%, construction 12%, other 3%) (1995)

Unemployment rate: 2% (1992 est.)

Budget:

revenues: $524.3 million

expenditures: $361.4 million, including capital expenditures of $NA (1995)

Industries: US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles Construction on the North Bytown Bridge in Ottawa, Canada. ... Transshipment is the shipment of goods to an intermediate destination, and then from there to yet another destination. ... This article is about the construction material. ... The folder of newspaper web offset printing press Printing is an industrial process for reproducing copies of texts and images, typically with ink on paper using a printing press. ... Publishing is the activity of putting information into the public arena. ... This article is about the type of fabric. ...

Industrial production growth rate: NA%

Electricity - production: 800 GWh (1998) The article on electrical energy is located elsewhere. ...

Electricity - production by source:

fossil fuel: 100%

hydro: 0%

nuclear: 0%

other: 0% (1998)

Electricity - consumption: 744 GWh (1998) Coal rail cars in Ashtabula, Ohio Fossil fuels, also known as mineral fuels, are hydrocarbon-containing natural resources such as coal, petroleum and natural gas. ... Hydroelectric dam diagram The waters of Llyn Stwlan, the upper reservoir of the Ffestiniog Pumped-Storage Scheme in north Wales, can just be glimpsed on the right. ... Nuclear power is power generated from a nuclear reaction. ...

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: fruits, copra, vegetables; eggs, pork, poultry, beef Copra is the dried meat, or kernel, of the coconut. ... Hormel Pork Loin Filets This article is on the meat. ... The Poultry-dealer. ... Beef is meat obtained from a bovine. ...

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 25%

Imports: $202.4 million (c.i.f., 1992)

Imports - commodities: petroleum and petroleum products, food, manufactured goods Nodding donkey pumping an oil well near Sarnia, Ontario, 2001 Petroleum (from Greek petra – rock and oleum – oil), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish flammable liquid, which exists in the upper strata of some areas of the Earths crust. ...

Imports - partners: United States 23%, Japan 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 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. The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ...

Currency: 1 United States dollar (USD) = 100 cents The United States dollar is the official currency of the United States. ...

Exchange rates: US currency is used

Fiscal year: 1 October - 30 September

See also : Guam