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Concept
Economy of Guam
Summary
The economy of Guam 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 1.1 million tourists visit Guam 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 the retail and attraction sectors dropping to nearly 50% of the peak levels reached 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 5.79 billion (2016 est.)
GDP – real growth rate:
0.4%
GDP – per capita:'
524.3 million
expenditures: $361.
Official source
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