Guam's GDP increases 1.2%

by Ken Quintanilla

Guam - The island is showing a slow and steady climb. The Bureau of Economic Analysis released the estimates of Guam's gross domestic product for 2010. Guam's GDP increased 1.2% while the GDP for the United States excluding the territories increased 2.4% in 2010.

BEA deputy director Brian Moyer explains the importance of the data. "The primary purpose of this information is to sort of gauge your economy, how the different sectors of your economy is performing and basically given the folks the tools to perform economic policy to improve the economy going forward," he said.

The growth in the economy in 2010 reflected increases in territorial and federal government spending and increases in tourism. The trade balance also contributed to economic growth as imports of goods and services declined more rapidly than exports.