Is Guam a rich country?
US national defense spending is the main driver of Guam’s economy, followed closely by tourism and other services. Guam serves as a forward US base for the Western Pacific and is home to thousands of American military personnel. Total federal spending (defense and non-defense) amounted to $1.988 billion in 2016, or 34.2 of Guam’s GDP. Of that total, federal grants and cover-over payments amounted to $3444.1 million in 2016, or 35.8% of Guam’s total revenues for the fiscal year. In 2016, Guam’s economy grew 0.3%. Despite slow growth, Guam’s economy has been stable over the last decade. National defense spending cushions the island’s economy against fluctuations in tourism. Service exports, mainly spending by foreign tourists in Guam, amounted to over $1 billion for the first time in 2016, or 17.8% of GDP.
What is the GDP of Guam?
|Currency Name and Code||US Dollar (USD)|
|GDP - Gross Domestic Product (PPP)||$4,882,000,000 (USD)|
|GDP - official exchange rate||$4,600,000,000 (USD)|
|GDP - real growth rate||0.6%|
|GDP Per Capita||$30,500.00 (USD)|
|GDP - composition, by end use||
household consumption: 63.7%
government consumption: 64.9%
investment in fixed assets: 5.8%
exports of goods and services: 17%
imports of goods and services: 17%
|Population Below Poverty Line||23%|
|Fiscal Year||1 October - 30 September|
|Annual Budget||$319,600,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-3%|
|Taxes and other revenues - percent of GDP||20.5%|
|Major Industries||US military, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles|
|Agriculture Products||fruits, copra, vegetables; eggs, pork, poultry, beef|
|Exchange Rate per US Dollar||US dollar (USD)|