Real gross domestic product (GDP) for Guam increased 5.1 percent in 2022 after increasing 2.1 percent in 2021, according to statistics released today by the U.S. Bureau of Economic Analysis. These statistics were developed under the Statistical Improvement Program, funded by the Office of Insular Affairs of the U.S. Department of the Interior.
The increase in real GDP reflected increases in exports, private fixed investment, government spending, and personal consumption expenditures. Imports, a subtraction item in the calculation of GDP, increased.
Exports of goods and services increased 150.4 percent. 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.