By Pacific Island Times News Staff
Guam's economy posted a 5.1 percent growth in the real gross domestic product in 2022, driven by the resurgence of tourism and increased federal spending, according to the Bureau of Economic Analysis.
“GDP is the gold standard for measuring economic growth, especially when adjusted for Guam's inflation rate, which was notably high in 2022. We are proud of our recovery and the hard work it took to get here, but we know we have so much farther to go for our people," Gov. Lou Leon Guerrero said.
“We recognize that the struggle is still real for so many and that we have so much more to do, but the strength of our ongoing recovery isn’t by accident. We optimized federal spending, drove aid directly to local businesses, and kept the government’s finances stable. We did what we promised, and the economic results are strong because of it,” added Lt. Gov. Josh Tenorio.
The BEA highlighted improved data collection on military construction, aided by the Department of Revenue and Taxation's initiative to include defense construction in the business privilege tax filings of local contractors.
"The Leon Guerrero-Tenorio Administration underscores the role of business spending in driving Guam's economic growth, noting that strategic programs have supported various sectors, including healthcare, social services, financial services, construction, retail projects, and residential development," states a press release from the governor's office.
“Our administration remains optimistic for Guam's economic future, proven by our island's resilience and adaptability in the face of challenges. We remain committed to fostering a vibrant economy that benefits residents, businesses, and visitors alike," Leon Guerrero said.
