Gross Domestic Product for Guam, 2021

Trending 10 months ago

Real gross home merchandise (GDP) for Guam accrued 1.1 percent successful 2021 aft decreasing 11.4 percent successful 2020 (table 1.3), according to statistic released coming by nan U.S. Bureau of Economic Analysis (BEA). These statistic were developed nether nan Statistical Improvement Program funded by nan Office of Insular Affairs (OIA) of nan U.S. Department of nan Interior.

GDP for 2021

The summation successful existent GDP reflected increases successful individual depletion expenditures, authorities spending, and backstage fixed finance (table 1.4). These increases were partially offset by a diminution successful exports of equipment and services. Imports, a subtraction point successful nan calculation of GDP, increased.

 Contributions to nan Percent Change successful Real GDP, 2020

Coronavirus (COVID–19) Impact connected nan 2021 Guam GDP Estimate

In 2021, nan Guam system was affected by nan continued national authorities consequence related to nan COVID–19 pandemic. Territorial authorities and user spending were supported by national payments authorized by nan Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020; nan Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act of 2021; and nan American Rescue Plan Act of 2021. Expenditures funded by these payments are reflected successful nan GDP estimates. However, nan afloat effects of nan pandemic cannot beryllium quantified successful BEA statistic for Guam, because nan impacts are mostly embedded successful nan information sources utilized to estimate nan components of GDP.

Personal depletion expenditures increased 3.3 percent (table 1.3), chiefly reflecting maturation successful spending connected durable goods, specified arsenic centrifugal vehicles. Consumer spending was supported by authorities assistance payments distributed to households done nan CRRSA Act and nan American Rescue Plan Act.

Government spending increased 2.6 percent (table 1.3), chiefly reflecting maturation successful territorial authorities spending. Territorial authorities spending accrued 5.8 percent. The summation successful spending was supported by national assistance revenues, including Coronavirus Relief Fund payments and Education Stabilization Fund payments authorized by nan CARES Act and nan American Rescue Plan Act.

Private fixed investment increased 6.8 percent (table 1.3), reflecting maturation successful instrumentality and structures. Private-sector building projects included unit outlets and multiunit residential developments.

Exports of equipment and services decreased 49.2 percent (table 1.3). The alteration successful exports was accounted for by exports of services, which consists chiefly of spending by visitors. Data from nan Guam Visitors Bureau arrival summary reports show that visitant arrivals declined 75.8 percent, reflecting nan continued effects of nan COVID–19 pandemic.

GDP by manufacture and compensation by manufacture for 2020

In 2020, existent GDP decreased 11.4 percent. The recently disposable GDP by manufacture data, which are released connected a 1-year lag, uncover that nan backstage assemblage was nan root of diminution successful existent GDP successful 2020 (table 2.5).

The private sector decreased 18.8 percent (table 2.4), chiefly reflecting a diminution successful accommodations, nutrient services, and amusements. Data from nan Guam Visitors Bureau arrival summary reports show that visitant arrivals declined 80.3 percent successful 2020. Wholesale and unit waste and acquisition besides decreased, arsenic nonessential businesses passim Guam were taxable to mandatory reductions successful operations owed to nan COVID–19 pandemic.

The government sector increased 1.4 percent (table 2.4), chiefly reflecting maturation successful compensation for national authorities employees.

Total compensation decreased from $3,557 cardinal to $3,526 cardinal successful 2020 (table 2.6). The $31 cardinal alteration reflected a diminution successful private-sector compensation. The largest contributor to nan diminution was accommodations, nutrient services, and amusements.

Updates to Guam GDP and Its Components

Estimates for 2018–2020 that were released connected December 1, 2021, person been revised to incorporated updates to root data, including nan following:

  • Audited financial statements for nan Government of Guam and its independent agencies,
  • Federal authorities statement obligations information from nan U.S. General Services Administration Federal Procurement Data System,
  • Annual reports from nan Guam Insurance Commissioner, and
  • Wage and employment accusation from nan U.S. Census Bureau County Business Patterns.

The revised estimates grounds a shape of inflation-adjusted GDP maturation akin to nan antecedently published estimates (table 1.7).

Due to lags successful nan readiness of information for various components of GDP, nan statistic presented coming for 2021 are preliminary estimates. For example, information covering authorities spending and business receipts by manufacture for nan 4th fourth of 2021 were not disposable successful clip for incorporation into this year's estimates of GDP. As further root information go available, BEA will incorporated nan accusation and will merchandise updated estimates erstwhile a year.

For much accusation connected nan information sources underlying these estimates, see Summary of Methodologies: Gross Domestic Product for American Samoa, nan Commonwealth of nan Northern Mariana Islands, Guam, and nan U.S. Virgin Islands.

Next release: Fall 2023
Gross Domestic Product for Guam, 2022
Guam GDP by Industry and Compensation by Industry, 2021