GDP report: 1.8% growth in Guam economy - KUAM.com-KUAM News: On Air. Online. On Demand.

GDP report: 1.8% growth in Guam economy

by Nick Delgado

Guam - The U.S Department of Commerce has released the official gross domestic product data for Guam, American Samoa, the U.S. Virgin Islands and the Commonwealth of the Northern Mariana Islands. The data measures the size of the local economy. The figures mark the first time the federal government has developed objective economic statistics for Guam and other territories.

The estimates show that Guam's economy grew at an average rate of 1.8% with population increasing at an annual rate of 1.5%.  The report covers growth between 2002 and 2007, which showed reflected changes in tourism and construction.

Congresswoman Madeleine Bordallo states, "The Obama Administration, under the leadership of Interior Secretary [Ken] Salazar and Commerce Secretary [Gary] Locke, has taken a significant step in preparing the gross domestic product estimates for the territories.  Our political leaders, local businesses, and investors can now make more informed decisions in helping to grow the economy of Guam.  

"I commend the U.S. Department of the Interior and the U.S. Department of Commerce for their partnership, and I thank Assistant Secretary Tony Babauta for his leadership on this issue."

  • NEWS HEADLINESMore>>

  • Students no longer required to use mesh bags

    Students no longer required to use mesh bags

    More than decade later and it's back to the backpacks for the island's public school children. They'll be trending at local middle and high schools next school year, after DOE announces students won't have to wear mesh. It was back in 2005, after a SimonMore >>
    More than decade later and it's back to the backpacks for the island's public school children. They'll be trending at local middle and high schools next school year, after DOE announces students won't have to wear mesh. It was back in 2005, after a Simon More >>
  • Agat, Port Authority take top honors in float/entry competition

    Agat, Port Authority take top honors in float/entry competition

    ?Congrats to the winners of today's Liberation Day Parade float/entry competition! Agat won for Best Village Float, the Port Authority won for Best GovGuam Float, and the Barrigada Municipal Planning Council won for Best non-government/civic/community/nonMore >>
    ?Congrats to the winners of today's Liberation Day Parade float/entry competition! Agat won for Best Village Float, the Port Authority won for Best GovGuam Float, and the Barrigada Municipal Planning Council won for Best non-government/civic/community/nonMore >>
  • Stream the Liberation Day Parade LIVE

    Stream the Liberation Day Parade LIVE

    Happy Liberation Day, Guam! KUAM and our friends at PBS Guam are bringing you coverage of today's parade LIVE from Hagatna. Experience all the amazing village pride, floats, marching units, cultural presentations, community groups and much more on any dev

    More >>

    Happy Liberation Day, Guam! KUAM and our friends at PBS Guam are bringing you coverage of today's parade LIVE from Hagatna. Experience all the amazing village pride, floats, marching units, cultural presentations, community groups and much more on any dev

    More >>
Powered by Frankly