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EMBARGOED UNTIL RELEASE AT 8:00 P.M. EDT, Wednesday, September 21, 2016 Technical: Media: Kevin Furlong (BEA) Jeannine Aversa (BEA) Tanya Harris Joshua (OIA) (301) 278-9075 (301) 278-9003 (202) 208-6008 BEA 16-50 territories@bea.gov Jeannine.Aversa@bea.gov Tanya_Joshua@ios.doi.gov GROSS DOMESTIC PRODUCT FOR GUAM INCREASES IN 2015 Tourism Spending Increases for the Second Year in a Row HAGÅTÑA, GUAM (September 22, 2016) -- Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for Guam for 2015, in addition to estimates of GDP by industry and compensation by industry for 2014.1 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 and 2014, as well as revised estimates of GDP by industry and compensation by industry for 2013, are presented in this release. Gross Domestic Product for 2015 The estimates of GDP for Guam show that real GDP–GDP adjusted to remove price changes–increased 0.4 percent in 2015 after increasing 1.3 percent in 2014 (see Table 1.3). For comparison, real GDP for the United States (excluding the territories) increased 2.6 percent in 2015 after increasing 2.4 percent in 2014. Real GDP: Percent change from preceding year 2.5 2.0 1.5 1.0 0.5 0.0 2008 2009 2010 2011 2012 2013 U.S. Bureau of Economic Analysis 1 These estimates are based on limited source data and are subject to revision. 2014 2015 The growth in the Guam economy reflected increases in consumer spending, exports of services, and federal government spending (see Table 1.4). These increases were partly offset by a decrease in private fixed investment. Consumer spending continued to increase in 2015, supported by growth in compensation and decreases in consumer prices. Exports of services, which consists primarily of spending by tourists, grew for a second consecutive year. The increase reflected growth in Korean visitor arrivals and average spending by Korean tourists. Federal government spending also increased for a second year. The increase in 2015 reflected growth in defense construction spending; major projects included fuel pipeline and aircraft maintenance hangar construction to support operations at Andersen Air Force Base. Private fixed investment, which is spending by businesses on construction and equipment, declined in 2015 after posting strong growth in the previous two years. A number of major projects, including the construction of Guam’s first private hospital and a new luxury hotel in Tumon Bay, were near completion early in the year. Gross Domestic Product by Industry and Compensation by Industry for 2014 The estimates of GDP by industry for Guam show that the private sector was the primary source of the increase in real GDP in 2014 (see Table 2.5). The largest contributor to growth was the accommodations and amusement sector, reflecting growth in spending by tourists. The government sector also expanded, primarily reflecting growth in the territorial government. 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 2014, reflecting increases in all sectors. The largest contributor was the territorial government. 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 and 2014 that were released on December 2, 2015 have been revised in order to incorporate improvements to source data, including: newly available data for territorial government spending from government financial statements, and updated employment information from the Guam Bureau of Labor Statistics. The revised estimates show a similar pattern of inflation-adjusted growth as the previously published estimates (see Table 1.7). -2- 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 2016 in the summer of 2017. GDP by industry and compensation by industry estimates for 2015 will also be released at the same time. - more - -3- Additional Information total Guam expenditures that is accounted for by goods and services provided by the rest of the world. Resources 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 investment. 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 -4- 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 -5- 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 1 4,375 4,621 4,781 4,895 4,928 5,199 5,364 5,566 5,734 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 3,156 1,700 601 1,099 2,327 -871 3,236 1,710 594 1,116 2,459 -932 3,240 1,669 586 1,083 2,542 -971 Private fixed investment 8 921 1,057 1,081 1,057 1,027 1,044 1,254 1,357 1,301 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 -2,164 1,053 177 876 3,218 2,518 699 -2,292 1,050 112 938 3,342 2,598 744 -2,102 1,050 73 977 3,152 2,404 749 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 3,118 1,888 1,230 3,265 1,968 1,296 3,295 2,008 1,288 NOTE. Detail may not add to total because of rounding. -6- 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 1 4,685 4,766 4,781 4,881 4,887 4,986 5,079 5,143 5,166 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 2,926 1,639 610 1,029 2,117 -827 2,974 1,638 609 1,030 2,201 -866 3,005 1,630 617 1,015 2,267 -894 Private fixed investment 8 921 1,038 1,081 1,062 1,015 1,015 1,205 1,287 1,242 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 -1,948 993 156 832 2,941 2,279 660 -2,067 971 99 871 3,038 2,345 691 -2,035 965 66 899 3,001 2,302 697 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 2,904 1,769 1,135 2,960 1,810 1,150 2,963 1,834 1,130 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 31,684 160.9 31,964 161.7 31,948 1. Source: U.S. Census Bureau -7- 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 1 1.7 0.3 2.1 0.1 2.0 1.9 1.3 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 …….. 0.0 -2.8 -3.3 -2.5 1.6 …….. 1.6 0.0 -0.2 0.0 4.0 …….. 1.1 -0.5 1.3 -1.5 3.0 …….. Private fixed investment 8 12.8 4.1 -1.7 -4.4 0.0 18.8 6.8 -3.5 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 …….. 5.8 67.5 -1.5 6.3 6.0 7.1 …….. -2.2 -36.3 4.6 3.3 2.9 4.8 …….. -0.6 -33.3 3.3 -1.2 -1.8 0.9 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 1.1 -1.2 4.8 1.9 2.3 1.3 0.1 1.3 -1.7 -8- Guam Table 1.4. Contributions to Percent Change in Real Gross Domestic Product Line Percent change: Gross domestic product Percentage points: Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2008 2009 2010 2011 2012 2013 2014 2015 1 1.7 0.3 2.1 0.1 2.0 1.9 1.3 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 0.01 -0.94 -0.40 -0.55 0.70 0.26 0.96 -0.01 -0.02 0.01 1.72 -0.75 0.60 -0.16 0.13 -0.29 1.30 -0.55 Private fixed investment 8 2.67 0.92 -0.39 -0.96 -0.01 3.77 1.58 -0.83 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 -2.53 1.11 1.37 -0.26 -3.64 -2.76 -0.88 -2.39 -0.43 -1.18 0.75 -1.96 -1.34 -0.62 0.60 -0.11 -0.66 0.55 0.71 0.83 -0.12 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 0.62 -0.45 1.07 1.11 0.81 0.30 0.08 0.47 -0.39 -9- 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 4 93.1 2010 0.3 2011 2012 [Percent] 0.5 2013 2014 2015 3.4 1.3 2.5 2.6 0.1 0.9 -0.9 97.0 1.2 1.7 4.7 [Index numbers, 2009=100] 100.0 100.3 100.8 104.3 105.6 108.2 111.0 98.5 100.0 107.9 108.8 107.8 101.2 102.9 107.8 Table 1.6. Gross Domestic Income [Millions of dollars] Line 2007 2008 2009 2010 2011 2012 2013 2014 2015 Gross domestic product 1 4,375 4,621 4,781 4,895 4,928 5,199 5,364 5,566 5,734 Compensation of employees 2 2,453 2,588 2,715 2,861 2,907 2,950 3,011 3,135 3,232 Taxes on production and imports less subsidies 3 289 300 296 320 336 355 365 391 389 Gross operating surplus 4 1,633 1,733 1,770 1,714 1,685 1,894 1,988 2,040 2,113 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 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 1.9 1.7 1.3 1.0 Percentage points: Revision 3 0.0 0.0 0.0 0.0 0.0 0.2 0.3 - 10 - 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 1 4,375 4,621 4,781 4,895 4,928 5,199 5,364 5,566 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 3,232 448 549 527 1,707 3,346 473 574 594 1,704 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 2,132 1,248 884 2,220 1,273 947 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 1 100 100 100 100 100 100 100 100 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 32 60 8 10 11 31 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 16 40 23 17 - 11 - 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 1 4,685 4,766 4,781 4,881 4,887 4,986 5,079 5,143 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 3,074 428 507 534 1,607 3,120 437 525 559 1,601 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 1,179 827 2,024 1,184 840 Table 2.4. Percent Changes in Real Value Added by Industry [Percent] Line Gross domestic product 2008 2009 2010 2011 2012 2013 2014 1 1.7 0.3 2.1 0.1 2.0 1.9 1.3 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 9.4 -2.2 8.6 0.7 1.5 2.1 3.5 4.8 -0.4 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 - 12 - Guam Table 2.5. Contributions to Percent Change in Real Gross Domestic Product by Industry Line Percent change: Gross domestic product Percentage points: Private industries Construction Distributive Services Accommodations and Amusement Other Private Government Federal Territorial 2008 2009 2010 2011 2012 2013 2014 1 1.7 0.3 2.1 0.1 2.0 1.9 1.3 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 1.52 0.73 -0.24 0.80 0.23 0.90 0.18 0.36 0.49 -0.12 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 0.35 -0.03 0.38 0.35 0.09 0.26 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 1 2,453 2,588 2,715 2,861 2,907 2,950 3,011 3,135 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 1,549 228 310 273 737 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 1,531 825 706 1,586 848 738 Total compensation NOTE. Detail may not add to total because of rounding. - 13 -