Guam’s real gross domestic product — adjusted to remove price changes — increased 1 percent in 2014. For comparison, economic growth for the United States (excluding the territories) increased 2.4 percent during the same period.
Growth in Guam was widespread among the components of GDP and included increases in private fixed investment, government spending and consumer spending. Growth in these components was partly offset by a decrease in net exports — imports increased more than exports.
Private fixed investment, which is spending by businesses on construction and equipment, increased 6.7 percent. Private-sector projects over this period included the continued construction of Guam’s first private hospital and a new luxury hotel in Tumon Bay.
Government construction projects also contributed to growth in 2014. These included a new Navy hospital facility and various federally funded road projects carried out by the local government.
Consumer spending increased 1.4 percent, reflecting growth in spending on services, including health care.
Exports of services, which consist primarily of spending by tourists, grew 4.8 percent. This increase reflected strong growth in Korean visitor arrivals and average spending.
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