Press Releases
May 5, 2010
U.S. Department of Commerce Releases GDP Data on Guam
The U.S. Department of Commerce in collaboration with the Department of the Interior has released official Gross Domestic Product (GDP) data for Guam and the three other U.S. Insular Areas. The report released today comes one year after the Office of Insular Affairs in the U.S. Department of the Interior signed an agreement with the Bureau of Economic Analysis (BEA) in the U.S. Department of Commerce to compile GDP data for Guam, American Samoa, the U.S. Virgin Islands and the Commonwealth of the Northern Mariana Islands. The figures released today mark the first time that the Federal Government has developed official and objective economic statistics for Guam and the other territories.
The estimates released today by the BEA cover the period of 2002 to 2007 and show that Guam’s real GDP - GDP adjusted to reflect inflation - grew at an average annual rate of 1.8 percent. The average annual growth rate of the United States (excluding the territories) was 2.8 percent over the same period. The report also shows that between 2002 and 2007 Guam’s real GDP per capita increased at an average annual rate of 0.3 percent while its population grew at an average annual rate of 1.5 percent. The BEA report states that annual fluctuations in GDP reflected changes in tourism and construction.
Joining Congresswoman Bordallo at the press conference were Department of Commerce Undersecretary for Economic Affairs Rebecca M. Blank, Interior Department Office of Insular Affairs Director Nikolao Pula, White House Initiative on Asian Americans and Pacific Islanders Executive Director Kiran Ahuja and Department of Commerce Director of the Bureau of Economic Analysis Steve Landefeld. Congressman Eni Faleomavaega of American Samoa, Congresswoman Donna Christensen of the U.S. Virgin Islands and Congressman Kilili Sablan of the Ndorthern Mariana Islands were also present at the press conference.
A copy of the report can be viewed here: http://bea.gov/newsreleases/general/2010/territory_0310.htm
“We now have objective data that measures the size of our local economy to better inform policymakers” Congresswoman Madeleine Z. Bordallo said today. “The Obama Administration, under the leadership of Interior Secretary Salazar and Commerce Secretary 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.”
PHOTO CAPTION: Congresswoman Bordallo is joined from left to right by Director Nikolao Pula of the U.S. Department of the Interior, Executive Director Kiran Ahuja of the White House Initiative on Asian Americans and Pacific Islanders, Congressman Gregorio Sablan of the CNMI, Department of Commerce Undersecretary for Economic Affairs Rebecca M. Blank, Congressman Eni Faleomavaega of American Samoa, Congresswoman Donna Christensen of the U.S. Virgin Islands, and Department of Commerce Director of the Bureau of Economic Analysis Steve Landefeld.