Economy of Guam
Guam is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Guam is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Guam exports around $0.04 billion and imports roughly $0.9 billion. 4.5% of population in the country are unemployed. The total number of unemployed people in Guam is 7,457. In Guam, 23% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Guam is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. The Gini Index of the country is 40.8. Guam is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable.
The currency of Guam is United States dollar. The United States dollar is one of the most significant currencies in the world, and is used in several territories besides The United States including Puerto Rico, Guam, and The US Virgin Islands. The United States dollar is a stable currency that can be relied upon for investment opportunities. The plural form of the word United States dollar is dollars. The symbol used for this currency is $, and it is abbreviated as USD. The United States dollar is divided into Cent; there are 100 in one dollar.
Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Guam.
In Guam, the institution that manages the state's currency, money supply, and interest rates is called Federal Reserve Bank.
Guam has a government debt of 51% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Guam is set at 35%. VAT in Guam is 0%, and it is known as Sales Tax.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Guam is $4.6 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Guam was last recorded at $0 million. PPP in Guam is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Guam is 3 billion. Based on this statistic, Guam is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Guam was last recorded at $0 million. The average citizen in Guam has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Guam averaged 1.3% in 2014. According to this percentage, Guam is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Guam.
Major industries in the country are national defense, tourism, construction, transshipment services, concrete products, printing and publishing, food processing, textiles. The total labor force of Guam is 80,590 people, wherein 4.5% of population in the country are unemployed. The total number of unemployed people in Guam is 7,457. To read more about industrial information within Guam click on industry of Guam.
There are 20 km2 of arable land in Guam, and it comprises 4% of the country's total territory. There are 118 km2 of cultivated land in Guam. The country's major agricultural crops and products are fruits, copra, vegetables, eggs, pork, poultry, beef.To read more about agriculture click on agriculture of Guam.