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EMBARGOED UNTIL RELEASE AT 9:00 P.M. EDT, MONDAY, SEPTEMBER 4, 2017 Technical: Media: Christina Hovland (BEA) Jeannine Aversa (BEA) Tanya Harris Joshua (OIA) (301) 278-9076 (301) 278-9003 (202) 208-6008 BEA 17-44 territories@bea.gov Jeannine.Aversa@bea.gov Tanya_Joshua@ios.doi.gov GROSS DOMESTIC PRODUCT FOR GUAM INCREASES IN 2016 Tourism spending increases for the third year in a row HAGÅTÑA, GUAM (September 5, 2017) -- Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for Guam for 2016, in addition to estimates of GDP by industry and compensation by industry for 2015. 1 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. 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, are also presented in this release. Gross Domestic Product for 2016 The estimates of GDP for Guam show that real GDP–GDP adjusted to remove price changes–increased 0.4 percent in 2016 after increasing 0.5 percent in 2015 (see Table 1.3). For comparison, real GDP for the United States (excluding the territories) increased 1.5 percent in 2016 after increasing 2.9 percent in 2015. 1 These estimates are based on limited source data and are subject to revision. The growth in the Guam economy reflected increases in exports of services and consumer spending (see Table 1.4). 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. Gross Domestic Product by Industry and Compensation by Industry for 2015 The estimates of GDP by industry show which industries contribute to Guam’s economic growth. In 2015, the largest contributor to the increase in real GDP was the accommodations and amusement sector, reflecting growth in spending by tourists (see Table 2.5). The government sector also expanded, reflecting increases in compensation of federal and territorial government employees. The compensation by industry estimates, which are measured in current dollars, show trends in compensation for major industries (see Table 2.6). Total compensation increased in 2015, reflecting growth in all sectors except construction. The accompanying tables present estimates for GDP and its major components, GDP by industry, and compensation by industry. Also included in this release are estimates for the major components of gross domestic income. Revisions to GDP Estimates for 2013 to 2015 that were released on September 22, 2016 have been revised in order to incorporate improvements to source data, including: newly available data for territorial government spending from government financial statements, and detailed wage and employment information from the Census Bureau’s County Business Patterns. The revised estimates show a similar pattern of inflation-adjusted growth as the previously published estimates (see Table 1.7). Future directions Moving forward, an agreement between OIA and BEA will 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 currently plans to release GDP estimates for 2017 beginning in the summer of 2018. GDP by industry and compensation by industry estimates for 2016 will also be released at the same time. -2- Additional Information Resources total Guam expenditures that is accounted for by goods and services provided by the rest of the world. Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed at BEA’s Gross Domestic Product (GDP) for the U.S. Territories. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule Government consumption expenditures and gross investment, or “government spending,” measures the portion of GDP that is accounted for by the government sector. Government consumption expenditures consists of spending by government to produce and provide services to the public. Gross investment consists of spending by government for fixed assets that directly benefit the public or that assist government agencies in their production activities. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. Definitions Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Gross domestic product (GDP) is the value of the goods and services produced by the Guam economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, private fixed investment, net exports of goods and services, and government consumption expenditures and gross inves tment. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Personal consumption expenditures (PCE), also referred to as “consumer spending,” measures the goods and services purchased by “persons”—that is, by households and by nonprofit institutions serving households (NPISHs)—who are resident in Guam. Statistical Conventions Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisher chain-weighted formula that incorporates weights from two adjacent years. “Real” dollar series are calculated by multiplying the quantity index by the current-dollar value in the reference year (2009) and then dividing by 100. Private fixed investment (PFI) measures spending by private businesses, nonprofit institutions, and households on fixed assets in the Guam economy. Fixed assets consist of structures, equipment, and software that are used in the production of goods and services. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. Net exports of goods and services is the difference between exports of goods and services and imports of goods and services. Exports measures the portion of total Guam production of goods and services that is provided to the rest of the world. Imports measures the portion of -3- List of News Release Tables Table 1.1. Table 1.2. Table 1.3. Table 1.4. Table 1.5. Table 1.6. Table 1.7. Table 2.1. Table 2.2. Table 2.3. Table 2.4. Table 2.5. Table 2.6. Gross Domestic Product Real Gross Domestic Product, Chained Dollars Percent Change From Preceding Year in Real Gross Domestic Product Contributions to Percent Change in Real Gross Domestic Product Percent Change From Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product Gross Domestic Income Revisions to Percent Change in Real Gross Domestic Product Value Added by Industry Value Added by Industry as a Percentage of GDP Real Value Added by Industry Percent Changes in Real Value Added by Industry Contributions to Percent Change in Real Gross Domestic Product by Industry Compensation of Employees by Industry -4- Guam 1. Domestic Product and Income Table 1.1. Gross Domestic Product [Millions of dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 4,375 4,621 4,781 4,895 4,928 5,199 5,337 5,531 5,697 5,793 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 2,536 1,414 518 897 2,007 -885 2,753 1,512 542 970 2,076 -835 2,813 1,448 520 928 2,100 -735 2,816 1,462 523 939 2,123 -769 2,905 1,564 564 1,001 2,131 -790 3,153 1,765 635 1,130 2,279 -892 3,145 1,709 616 1,094 2,306 -871 3,195 1,717 596 1,120 2,419 -940 3,177 1,657 583 1,074 2,487 -967 3,255 1,726 612 1,113 2,566 -1,037 Private fixed investment 8 921 1,057 1,081 1,057 1,027 1,044 1,225 1,310 1,244 1,194 Net exports of goods and services Exports Goods Services Imports Goods Services 9 10 11 12 13 14 15 -1,483 1,005 115 890 2,489 2,018 470 -1,699 973 133 840 2,673 2,115 558 -1,801 838 98 740 2,639 2,051 588 -1,873 846 73 774 2,719 2,098 621 -2,021 928 133 795 2,949 2,289 661 -2,033 1,004 107 897 3,037 2,395 642 -2,153 1,053 177 876 3,206 2,512 694 -2,236 1,057 112 945 3,293 2,569 724 -2,008 1,046 73 973 3,054 2,342 712 -1,841 1,124 82 1,042 2,964 2,291 674 Government consumption expenditures and gross investment Federal Territorial 16 17 18 2,402 1,491 911 2,510 1,597 913 2,688 1,738 950 2,894 1,854 1,039 3,017 1,895 1,121 3,035 1,898 1,138 3,120 1,891 1,230 3,262 1,966 1,296 3,284 2,014 1,270 3,185 1,988 1,197 NOTE. Detail may not add to total because of rounding. -5- Guam Table 1.2. Real Gross Domestic Product, Chained Dollars [Millions of chained (2009) dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 4,685 4,766 4,781 4,881 4,887 4,986 5,078 5,157 5,182 5,200 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 2,725 1,507 553 954 2,154 -937 2,794 1,520 538 983 2,121 -849 2,813 1,448 520 928 2,100 -735 2,782 1,477 529 948 2,068 -763 2,823 1,551 575 976 2,040 -766 2,925 1,686 631 1,056 2,084 -840 2,928 1,651 628 1,024 2,110 -830 2,951 1,648 618 1,030 2,190 -886 2,967 1,621 623 1,001 2,247 -904 3,016 1,693 645 1,050 2,295 -973 Private fixed investment 8 921 1,038 1,081 1,062 1,015 1,015 1,182 1,249 1,188 1,143 Net exports of goods and services Exports Goods Services Imports Goods Services 9 10 11 12 13 14 15 -1,448 1,061 120 942 2,509 2,031 477 -1,581 977 124 853 2,558 2,008 550 -1,801 838 98 740 2,639 2,051 588 -1,808 837 70 767 2,646 2,024 623 -1,845 892 118 771 2,737 2,090 648 -1,829 938 93 845 2,767 2,149 616 -1,933 996 156 835 2,929 2,274 653 -1,995 991 99 891 2,986 2,319 666 -1,917 974 66 909 2,891 2,243 646 -1,796 1,053 76 978 2,849 2,245 605 Government consumption expenditures and gross investment Federal Territorial 16 17 18 2,490 1,528 964 2,513 1,587 926 2,688 1,738 950 2,844 1,818 1,025 2,895 1,817 1,078 2,874 1,791 1,083 2,908 1,773 1,135 2,961 1,813 1,148 2,950 1,841 1,111 2,849 1,798 1,054 Addenda: Population (thousands)1 Per capita real GDP (chained dollars) 19 20 158.0 29,652 158.4 30,088 158.9 30,088 159.4 30,621 159.5 30,639 159.8 31,202 160.3 31,678 160.9 32,051 161.7 32,047 162.7 31,961 1. Source: U.S. Census Bureau -6- Guam Table 1.3. Percent Change From Preceding Year in Real Gross Domestic Product [Percent] Line Gross domestic product 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 1.7 0.3 2.1 0.1 2.0 1.8 1.6 0.5 0.4 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 2.5 0.9 -2.8 3.0 -1.5 …….. 0.7 -4.8 -3.3 -5.6 -1.0 …….. -1.1 2.0 1.7 2.2 -1.5 …….. 1.5 5.0 8.8 3.0 -1.4 …….. 3.6 8.7 9.7 8.2 2.1 …….. 0.1 -2.1 -0.5 -3.0 1.3 …….. 0.8 -0.2 -1.6 0.6 3.8 …….. 0.6 -1.6 0.8 -2.8 2.6 …….. 1.6 4.4 3.5 4.9 2.1 …….. Private fixed investment 8 12.8 4.1 -1.7 -4.4 0.0 16.5 5.6 -4.9 -3.8 Net exports of goods and services Exports Goods Services Imports Goods Services 9 10 11 12 13 14 15 …….. -7.9 3.1 -9.4 2.0 -1.1 15.3 …….. -14.2 -20.8 -13.3 3.1 2.2 6.8 …….. -0.1 -28.2 3.7 0.3 -1.3 5.9 …….. 6.5 68.1 0.4 3.4 3.3 4.1 …….. 5.2 -21.3 9.6 1.1 2.9 -5.0 …….. 6.1 67.5 -1.2 5.8 5.8 6.0 …….. -0.4 -36.3 6.7 2.0 2.0 1.9 …….. -1.7 -33.3 2.0 -3.2 -3.3 -2.9 …….. 8.1 14.4 7.7 -1.4 0.1 -6.3 Government consumption expenditures and gross investment Federal Territorial 16 17 18 0.9 3.9 -3.9 6.9 9.5 2.6 5.8 4.6 7.9 1.8 -0.1 5.1 -0.7 -1.4 0.5 1.2 -1.0 4.8 1.8 2.3 1.2 -0.4 1.5 -3.3 -3.4 -2.3 -5.2 -7- Guam Table 1.4. Contributions to Percent Change in Real Gross Domestic Product Line 2008 2009 2010 2011 2012 2013 2014 2015 2016 Percent change: Gross domestic product Percentage points: Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 1 1.7 0.3 2.1 0.1 2.0 1.8 1.6 0.5 0.4 2 3 4 5 6 7 1.49 0.28 -0.34 0.62 -0.71 1.91 0.41 -1.54 -0.38 -1.16 -0.44 2.39 -0.65 0.60 0.18 0.42 -0.68 -0.57 0.84 1.50 0.93 0.57 -0.59 -0.07 2.15 2.78 1.10 1.67 0.92 -1.55 0.06 -0.71 -0.06 -0.64 0.56 0.21 0.45 -0.06 -0.18 0.12 1.62 -1.10 0.33 -0.48 0.08 -0.57 1.14 -0.33 0.91 1.27 0.36 0.91 0.93 -1.30 Private fixed investment 8 2.67 0.92 -0.39 -0.96 -0.01 3.31 1.29 -1.14 -0.82 Net exports of goods and services Exports Goods Services Imports Goods Services 9 10 11 12 13 14 15 -2.94 -1.82 0.09 -1.91 -1.12 0.52 -1.64 -4.71 -2.96 -0.56 -2.39 -1.76 -0.95 -0.81 -0.16 -0.02 -0.59 0.57 -0.14 0.59 -0.73 -0.82 1.13 1.06 0.07 -1.96 -1.43 -0.53 0.32 0.98 -0.57 1.55 -0.66 -1.32 0.66 -2.22 1.17 1.38 -0.20 -3.40 -2.65 -0.75 -1.26 -0.09 -1.19 1.10 -1.17 -0.92 -0.25 1.51 -0.33 -0.66 0.33 1.84 1.46 0.38 2.24 1.48 0.18 1.30 0.76 -0.03 0.79 Government consumption expenditures and gross investment Federal Territorial 16 17 18 0.50 1.32 -0.82 3.72 3.21 0.51 3.28 1.70 1.58 1.08 -0.02 1.10 -0.44 -0.54 0.10 0.70 -0.37 1.06 1.07 0.80 0.28 -0.21 0.54 -0.76 -1.97 -0.83 -1.14 -8- Guam Table 1.5. Percent Change From Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product Line Gross domestic product Personal consumption expenditures Gross domestic product Personal consumption expenditures 2007 2008 2009 1 3.0 3.8 3.1 2 2.9 5.9 1.5 3 93.4 97.0 4 93.1 98.5 2010 2011 2012 [Percent] 0.5 3.4 0.3 2013 2014 2015 2016 0.8 2.0 2.5 1.3 0.8 -1.1 0.8 100.0 1.2 1.7 4.7 -0.4 [Index numbers, 2009=100] 100.3 100.8 104.3 105.1 107.2 109.9 111.4 100.0 101.2 108.3 107.1 107.9 102.9 107.8 107.4 Table 1.6. Gross Domestic Income [Millions of dollars] Line 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 4,375 4,621 4,781 4,895 4,928 5,199 5,337 5,531 5,697 5,793 Compensation of employees 2 2,453 2,588 2,715 2,861 2,907 2,950 3,012 3,148 3,271 3,255 Taxes on production and imports less subsidies 3 289 300 296 320 336 355 365 391 393 405 Gross operating surplus 4 1,633 1,733 1,770 1,714 1,685 1,894 1,960 1,992 2,033 2,133 Gross domestic income NOTE. Detail may not add to total because of rounding. Table 1.7. Revisions to Percent Change in Real Gross Domestic Product Line 2008 2009 2010 2011 2012 2013 2014 2015 Percent change: Revised Previously published 1 2 1.7 1.7 0.3 0.3 2.1 2.1 0.1 0.1 2.0 2.0 1.8 1.9 1.6 1.3 0.5 0.4 Percentage points: Revision 3 0.0 0.0 0.0 0.0 0.0 -0.1 0.3 0.1 -9- Guam 2. GDP by Industry Table 2.1. Value Added by Industry [Millions of dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 4,375 4,621 4,781 4,895 4,928 5,199 5,337 5,531 5,697 Private industries Construction Distributive Services Accommodations and Amusement Other Private 2 3 4 5 6 2,654 291 436 406 1,520 2,827 343 469 422 1,593 2,872 360 464 429 1,619 2,875 394 495 452 1,534 2,847 367 513 462 1,505 3,117 398 551 487 1,681 3,203 448 549 528 1,678 3,309 472 574 601 1,662 3,384 454 602 634 1,695 Government Federal Territorial 7 8 9 1,721 1,008 713 1,795 1,071 724 1,910 1,157 752 2,020 1,217 802 2,081 1,253 828 2,082 1,249 833 2,134 1,250 884 2,222 1,275 947 2,313 1,311 1,001 NOTE. Detail may not add to total because of rounding. Table 2.2. Value Added by Industry as a Percentage of GDP [Percent] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 100 100 100 100 100 100 100 100 100 Private industries Construction Distributive Services Accommodations and Amusement Other Private 2 3 4 5 6 61 7 10 9 35 61 7 10 9 34 60 8 10 9 34 59 8 10 9 31 58 7 10 9 31 60 8 11 9 32 60 8 10 10 31 60 9 10 11 30 59 8 11 11 30 Government Federal Territorial 7 8 9 39 23 16 39 23 16 40 24 16 41 25 16 42 25 17 40 24 16 40 23 17 40 23 17 41 23 18 - 10 - Guam Table 2.3. Real Value Added by Industry [Millions of chained (2009) dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 4,685 4,766 4,781 4,881 4,887 4,986 5,078 5,157 5,182 Private industries Construction Distributive Services Accommodations and Amusement Other Private 2 3 4 5 6 2,876 304 470 437 1,667 2,929 360 502 445 1,622 2,872 360 464 429 1,619 2,906 402 488 459 1,557 2,879 369 495 478 1,537 2,998 391 519 491 1,595 3,072 431 507 534 1,602 3,134 441 527 566 1,602 3,125 418 535 591 1,583 Government Federal Territorial 7 8 9 1,809 1,033 779 1,837 1,070 769 1,910 1,157 752 1,974 1,185 790 2,006 1,199 807 1,988 1,181 808 2,006 1,179 828 2,024 1,184 841 2,057 1,201 856 Table 2.4. Percent Changes in Real Value Added by Industry [Percent] Line Gross domestic product 2008 2009 2010 2011 2012 2013 2014 2015 1 1.7 0.3 2.1 0.1 2.0 1.8 1.6 0.5 Private industries Construction Distributive Services Accommodations and Amusement Other Private 2 3 4 5 6 1.8 18.4 7.0 1.9 -2.7 -1.9 0.0 -7.7 -3.6 -0.2 1.2 11.6 5.3 7.1 -3.8 -0.9 -8.0 1.4 4.1 -1.3 4.1 5.9 4.8 2.9 3.8 2.5 10.2 -2.2 8.6 0.4 2.0 2.3 3.9 6.1 0.0 -0.3 -5.2 1.4 4.4 -1.1 Government Federal Territorial 7 8 9 1.5 3.6 -1.4 3.9 8.2 -2.1 3.4 2.3 5.0 1.6 1.2 2.2 -0.9 -1.5 0.1 0.9 -0.1 2.4 0.9 0.4 1.6 1.6 1.4 1.9 - 11 - Guam Table 2.5. Contributions to Percent Change in Real Gross Domestic Product by Industry Line 2008 2009 2010 2011 2012 2013 2014 2015 Percent change: Gross domestic product Percentage points: Private industries Construction Distributive Services Accommodations and Amusement Other Private 1 1.7 0.3 2.1 0.1 2.0 1.8 1.6 0.5 2 3 4 5 6 1.11 1.20 0.69 0.17 -0.94 -1.19 0.00 -0.80 -0.34 -0.06 0.72 0.86 0.52 0.63 -1.29 -0.54 -0.65 0.15 0.37 -0.41 2.39 0.44 0.49 0.27 1.19 1.48 0.79 -0.24 0.80 0.13 1.20 0.19 0.40 0.62 -0.01 -0.16 -0.44 0.15 0.47 -0.34 Government Federal Territorial 7 8 9 0.60 0.83 -0.22 1.53 1.86 -0.34 1.37 0.58 0.79 0.67 0.30 0.36 -0.37 -0.38 0.01 0.36 -0.03 0.39 0.36 0.10 0.27 0.65 0.32 0.32 NOTE. Percentage-point contributions do not sum to the percent change in real gross domestic product because of rounding and differences in source data used to estimate GDP by industry and the expenditures measure of real GDP. Table 2.6. Compensation of Employees by Industry [Millions of dollars] Line 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 2,453 2,588 2,715 2,861 2,907 2,950 3,012 3,148 3,271 Private industries Construction Distributive Services Accommodations and Amusement Other Private 2 3 4 5 6 1,224 135 245 203 641 1,299 155 260 212 671 1,348 171 255 217 704 1,407 192 270 227 718 1,397 183 278 231 706 1,446 186 298 243 719 1,480 214 296 257 713 1,560 228 310 273 748 1,624 214 334 298 779 Government Federal Territorial 7 8 9 1,228 647 582 1,289 695 594 1,367 746 621 1,455 802 653 1,510 835 676 1,504 829 675 1,532 827 706 1,588 850 738 1,647 883 764 Total compensation NOTE. Detail may not add to total because of rounding. - 12 -
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