February 16, 2021

The estimates of GDP for Guam show that real GDP—GDP adjusted to remove price changes—increased 2.0 percent in 2019.

Contributions to Percent Change in Real GDP for 2019 - Feb 16

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 consists 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.

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