Report: island economy grew by 24% - KUAM.com-KUAM News: On Air. Online. On Demand.

Report: island economy grew by 24%

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by Ken Quintanilla

Guam - According to information released by the United States Census Bureau, it appears the economy has improved from five years ago. Economic census branch chief Lee Wentela was on island to disseminate the information before its official release tomorrow morning.

"The economy grew by 24% as measured by revenue from 2007 this economic census is done every five years and this is the latest iteration for 2012. It's a key building block for the gross domestic product but also on its own it's a comprehensive measure of the economy," he said.

The growth is attributed to two sectors that drive the economy such as the increases in construction and accommodations such as hotel and food service. The economic census also highlights an increase of employees in the private sector by 2.3% percent to over 53,000 workers compared to five years ago with payroll increasing by 17% to $1.3 billion. Wentela will be visiting Saipan and American Samoa in the next few days to disseminate similar information. You can read the full census on census.gov or at dol.guam.gov.
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