Real gross domestic product (GDP) for Guam increased 5.1 percent in 2022 after increasing 2.1 percent in 2021 (table 1.3), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). These statistics were developed under the Statistical Improvement Program, funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.
GDP for 2022
The increase in real GDP reflected increases in exports, private fixed investment, government spending, and personal consumption expenditures (table 1.2). Imports, a subtraction item in the calculation of GDP, increased.
Exports of goods and services increased 150.4 percent (table 1.3). The increase in exports was accounted for by exports of services, which consists primarily of spending by visitors. Exports of services increased 262.0 percent; data from the Guam Visitors Bureau arrival summary reports show that visitor arrivals increased over 300 percent.
Private fixed investment increased 14.7 percent, reflecting growth in equipment and structures. Private-sector construction projects included a 60-megawatt solar farm, resort renovations, and retail outlets.
Government spending increased 1.4 percent, reflecting growth in federal government spending that was partly offset by a decrease in territorial government spending. U.S. Department of Defense construction was a notable source of growth, as progress continued on multiple U.S. military projects, including housing and dining facilities for a new Marine Corps base.
Personal consumption expenditures increased 1.2 percent, reflecting widespread growth among consumer spending categories. Consumer spending was supported by growth in compensation and direct cash assistance administered by the territorial government.
GDP by industry and compensation by industry for 2021
In 2021, real GDP increased 2.1 percent. The newly available GDP by industry data, which are released on a 1-year lag, reveal that the private sector was the source of growth in real GDP in 2021 (table 2.5).
The private sector increased 4.4 percent (table 2.4), primarily reflecting growth in other private industries, such as health care and social assistance and financial services. Construction also increased, reflecting retail outlet and multiunit residential development projects.
The government sector decreased 1.1 percent, partly offsetting the growth in the private sector. Both federal and territorial government real value added decreased.
Total compensation increased from $3,527 million in 2020 to $3,615 million in 2021 (table 2.6). The $88 million increase reflected increases in both private-sector and government compensation. The largest contributor to the increase was construction.
Updates to Guam GDP and Its Components
Estimates for 2018–2021 that were released on November 2, 2022, have been revised to incorporate updates to source data including the following:
- Audited financial statements for the Government of Guam and its independent agencies
- Federal government contract obligations data from the U.S. General Services Administration Federal Procurement Data System
- Tabulations of wage and personnel data provided by the U.S. Department of Defense
- Tabulations of gross business receipts data provided by the Guam Department of Revenue and Taxation
The revised estimates exhibit a pattern of inflation-adjusted GDP growth similar to the previously published estimates (table 1.7).
Due to lags in the availability of data for various components of GDP, the statistics presented today for 2022 are preliminary estimates. For example, data covering government spending for the fourth quarter of 2022 were not available in time for incorporation into this year’s estimates of GDP.
For more information on the data sources underlying these estimates, see Summary of Methodologies: Gross Domestic Product for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands.
GDP Statistics for Guam Paused
The annual publication of BEA’s GDP statistics for Guam is made possible through funding by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior. OIA has paused funding of this work to conduct an exploratory assessment of territorial source data with the goal of informing how to strategically invest in and support Guam’s economic statistics into the future. Without funding, BEA is pausing the production of GDP statistics for Guam. When funding and improved data sources become available, BEA plans to resume production of these statistics.
Archived GDP statistics for Guam will continue to be available on BEA’s website.
