Gross Domestic Product for Guam Increases in 2016

The Bureau of Economic Analysis released estimates of gross domestic product for Guam for 2016, in addition to estimates of GDP by industry and compensation by industry for 2015.

These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs of the U.S. Department of the Interior.

Revised estimates of GDP for 2013 to 2015, as well as revised estimates of GDP by industry and compensation by industry for 2013 and 2014, also are available.

The estimates of GDP for Guam show that real GDP (adjusted to remove price changes) increased 0.4 percent in 2016, after increasing 0.5 percent in 2015. For comparison, real GDP  for the United States (excluding the territories) increased 1.5 percent in 2016, after increasing 2.9 percent in 2015.

Guam GDP Sept 4

The growth in the Guam economy reflected increases in exports of services and consumer spending. These increases were partly offset by decreases in investment spending across the government and private sectors.

Exports of services, which consists primarily of spending by tourists, grew for a third consecutive year. The increase reflected growth in visitor arrivals, particularly from Korea.

Consumer spending continued to increase, reflecting growth in retail trade activity.

Business spending on construction and equipment decreased following the completion of major projects during 2015, including the construction of Guam’s first private hospital and a new luxury hotel in Tumon Bay.

Government investment spending declined, reflecting the completion of the Guam Port Authority’s Port Improvement Program in 2015 and a decrease in Defense construction contracts.

For more information,  read the full report.


Enter your email address to follow this blog and receive notifications of new posts by email.

Archives


%d bloggers like this: