The Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for Guam for 2019.
These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.
The estimates of GDP for Guam show that real GDP—GDP adjusted to remove price changes—increased 2.0 percent in 2019.
The increase in real GDP reflected increases in exports, private fixed investment,
federal government spending, and consumer spending. These increases were partly offset by an increase in imports, which are a subtraction in the calculation of GDP, and a decline in territorial government spending.
Exports of services, which consist primarily of spending by tourists, increased 15.6 percent. This reflected a record high in visitor arrivals for the year and growth in average spending by Korean and Japanese tourists, who make up much of Guam’s tourist market.
Overall, investment spending contributed positively to the economy. Spending on construction and equipment for defense and private projects increased but was partly offset by declines in territorial government investment spending. Private fixed investment grew 8.9 percent; business spending on construction increased following project delays in 2017 and 2018.
Consumer spending also increased; the eighth increase in the last 9 years. Spending increased on both goods and services, largely reflecting growth in retail trade activity and health care services, respectively.
OIA and BEA will work to extend and improve the estimates of GDP for Guam.
The information provided by the Guam government will continue to be critical to the successful production of these estimates.
BEA plans to release GDP estimates for 2020 for Guam in the fall of 2021. GDP by industry and compensation by industry estimates for 2019 will be released at the same time.