Guam - The Bureau of Economic Analysis has released its first set of estimates of the major components of the gross domestic product for Guam. The estimates for Guam showed that from 2002 to 2007, the real GDP grew at an average annual rate of 1.8%. This includes consumer spending, private fixed investment, net exports and government spending.
Division Chief of the Industry Sector Nicole Mayerhauser told KUAM News, "It represents visitors coming to Guam to spend money, whether spending it on retail, spending it on accommodations - this all shows up in exports of services. In 2003, the big story here is that there was a very big drop in visitors coming in. that made a direct effect on exports of services."
The agreement between the Office of Insular Affairs and the Bureau of Economic Analysis will extend and improve the estimates of GDP for the island. The BEA plans to release estimates for both 2008 and 2009 in the Spring of 2011.