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

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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."

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