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An official website of the United States government Home | News | Gross Domestic Product for Guam, 2002-2007 News Release Explore Product View News Release Related Materials Contacts EMBARGOED UNTIL RELEASE AT 7:30 P.M. EDT, SUNDAY, JUNE 13, 2010 BEA 10-27 Gross Domestic Product for Guam, 2002-2007 HAGATNA, GUAM (June 14, 2010) – Today, the Bureau of Economic Analysis (BEA) is releasing its first set of estimates of the major components of gross domestic product (GDP) for Guam.1 Objectively gauging changes in economic activity is difficult in the absence of comprehensive economic metrics, such as the GDP. Until now, a framework did not exist to estimate the GDP of Guam. The Statistical Improvement Program, funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior, has made it possible for BEA to develop formal methodologies for measuring the GDP of Guam. On May 5, 2010, BEA released estimates of total GDP for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands. The estimates for Guam showed that from 2002 to 2007, real GDP -- GDP adjusted to remove price changes -- grew at an average annual rate of 1.8 percent.2 (For comparison, the average annual growth rate for the United States (excluding the territories) was 2.8 percent over this period.) The estimates released today supplement the estimates of total GDP for Guam that were released in May. The accompanying tables present estimates for the major components of GDP, including consumer spending, private fixed investment, net exports, and government spending.3 Also included in this release are estimates of the major components of gross domestic income. The estimates of the major components of Guam’s GDP show that changes in consumer spending, in government spending (including spending for construction), and in exports of services accounted for much of the year-to-year volatility in real GDP growth. In constructing the estimates for Guam, BEA used methodologies consistent with the methods used to estimate U.S. GDP. Information from the Economic Census of Island Areas was used to establish levels of GDP for the years 2002 and 2007. Annual series were then developed and used to estimate GDP for the intervening years. Because Guam is not included in most of the major surveys used by BEA to estimate U.S. GDP, the support of government leaders in Guam and the assistance provided by the Guam Bureau of Statistics and Plans, the Guam Department of Revenue and Taxation, the Guam Bureau of Labor Statistics, and the Guam Bureau of Budget and Management Research were critical to the successful production of the estimates presented in this release. Moving forward, the agreement between OIA and BEA will extend and improve the estimates of GDPfor Guam. BEA currently plans to release estimates for both 2008 and 2009 in the spring of 2011. 1 These estimates are based on limited source data and are subject to revision. 2 Summary GDP statistics for Guam are presented on page 3 of this news release. 3 Consumer spending refers to personal consumption expenditures and government spending refers to government consumption expenditures and gross investment. BEA’s national, international, regional, and industry statistics; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. Guam From 2002 to 2007, real GDP of Guam grew at an average annual rate of 1.8 percent. Year-to-year fluctuations in economic growth reflected changes in construction activity and in tourism. Guam's economy was significantly affected by a number of economic shocks over this period, including Typhoon Pongsona, the SARS epidemic, the outbreak of avian flu, and the financial downturn in Asia. Summary Statistics for Guam 2002 2003 2004 2005 2006 2007 20022007 AAGR 1 GDP (millions of dollars) Real GDP (millions of chained 2005 dollars) Population 2 Real GDP per capita (chained 2005 dollars) 1. Average annual growth rate. 2. Source: U.S. Census Bureau, International Database. 3,568 3,542 3,846 4,100 4,176 4,280 3.7% 3,651 3,643 3,936 4,100 3,959 3,988 1.8% 161,057163,593166,090168,564171,019173,4561.5% 22,669 22,269 23,698 24,323 23,149 22,991 0.3% From 2002 to 2007, the population of Guam increased at an average annual rate of 1.5 percent, and real GDP per capita increased at an average annual rate of 0.3 percent. Guam Table 1. Gross Domestic Product [Millions of dollars] 20032004 1 3,568 2005 2006 2007 3,5423,8464,1004,1764,280 Line 2002 Gross domestic product Personal consumption expenditures 2 2,359 2,1892,3662,5892,6602,783 Private fixed investment 3 95 130 126 122 140 180 Net exports Exports Goods Services Imports Goods Services 4 5 6 7 8 9 10 -368 611 50 561 979 958 21 -444 544 43 501 988 966 22 11 1,482 1,6681,7171,8421,8832,006 12 13 861 620 993 1,0311,0801,0771,142 675 686 762 806 864 Government consumption expenditures and gross investment Federal Territorial Guam Table 2. Real Gross Domestic Product, Chained Dollars -363 -453 -507 -690 741 839 812 814 53 52 53 91 688 788 759 723 1,1031,2921,3181,504 1,0761,2631,2881,463 28 30 31 41 [Millions of chained (2005) dollars] 20032004 2005 2006 2007 1 3,651 3,6433,9364,1003,9593,988 Line 2002 Gross domestic product Personal consumption expenditures 2 2,503 2,2932,4552,5892,5542,601 Private fixed investment 3 111 148 135 122 131 164 Net exports 4 -657 -571 -451 -453 -557 -703 Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal Territorial 5 6 7 8 9 10 736 58 677 1,393 1,372 22 628 801 839 761 744 48 56 52 51 83 580 745 788 710 662 1,1991,2521,2921,3181,448 1,1761,2231,2631,2881,408 24 29 30 30 39 11 1,653 1,7631,7971,8421,8301,923 12 13 958 694 1,0551,0691,0801,0261,084 708 728 762 805 841 Guam Table 3. Percent Change From Preceding Year in Real Gross Domestic Product 2003 Gross domestic product Line [Percent] 20042005 20062007 1 -0.2 8.1 4.2 -3.40.7 Personal consumption expenditures 2 -8.4 7.0 5.5 -1.31.8 Private fixed investment 3 32.9 -8.5 -9.5 7.0 24.9 Net exports Exports Goods Services Imports Goods Services 4 5 6 7 8 9 10 -14.6 -16.9 -14.4 -13.9 -14.3 5.8 27.4 15.5 28.5 4.4 4.0 21.6 Government consumption expenditures and gross investment Federal Territorial 11 12 13 6.7 10.0 2.0 2.0 2.5 -0.65.1 1.4 1.0 -5.05.6 2.9 4.6 5.7 4.4 Guam Table 4. Contributions to Percent Change in Real Gross Domestic Product 4.8 -7.3 5.8 3.2 3.2 3.6 -9.4-2.1 -2.063.6 -9.9-6.8 2.0 9.9 2.0 9.3 -1.032.2 Line 20042005 2006 2007 2003 Percent change: Gross domestic product Percentage points: Personal consumption expenditures 1 -0.2 8.1 4.2 -3.4 0.7 2 -5.604.36 3.38 -0.831.18 Private fixed investment 3 0.89 -0.32-0.320.21 0.84 Net exports Exports Goods Services Imports Goods Services 4 5 6 7 8 9 10 1.64 3.08 -0.02-2.54-3.56 -2.574.35 0.96 -1.94-0.41 -0.240.19 -0.10-0.030.82 -2.334.15 1.06 -1.91-1.23 4.21 -1.27-0.98-0.60-3.15 4.24 -1.13-0.96-0.61-2.91 -0.03-0.14-0.030.01 -0.24 Government consumption expenditures and gross investment Federal Territorial 11 12 13 2.85 0.93 1.11 -0.272.28 2.50 0.39 0.27 -1.301.43 0.36 0.54 0.84 1.03 0.85 Guam Table 5. Percent Change From Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product [Percent] Gross domestic product Personal consumption expenditures Gross domestic product Personal consumption expenditures Guam Table 6. Gross Domestic Income Line2002 1 2 3 4 …….. …….. [Index numbers, 2005=100] 97.7 94.3 200320042005 2006 2007 -0.5 0.5 2.4 1.2 1.0 3.7 5.5 4.1 1.7 2.8 97.2 97.7 100.0105.5107.3 95.4 96.4 100.0104.1107.0 [Millions of dollars] 20032004 1 3,568 2 1,879 Line 2002 Gross domestic income Compensation of employees Taxes on production and imports less 3 subsidies Gross operating surplus 4 94 127 154 163 165 194 1,595 1,3201,5681,7331,7181,677 Download Acrobat Reader(link is external) Page last modified on 4/23/18 Bureau of Economic Analysis Contact Us Working at BEA Frequently Asked Questions Our Policies Privacy 2005 2006 2007 3,5423,8464,1004,1764,280 2,0962,1232,2042,2932,409 4600 Silver Hill Road • Suitland, MD 20746 Commitment to Scientific Integrity The BEA Wire | BEA's Official Blog Data Dissemination Practices BEA on Instagram(link is external) Open Data USA.gov Business USA No FEAR Act FOIA COMMERCE.gov ESR System BEA on Twitter(link is external) BEA's YouTube Channel(link is external) News Release Feed (RSS) Sign up for Email Notifications (ESS)
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