HAGÅTÑA (Office of the Guam Governor) — This week, the Bureau of Economic Analysis announced Guam’s remarkable economic achievements in 2022, showcasing a robust growth in the Real Gross Domestic Product of 5.1%. The announcement follows a productive virtual meeting with representatives from the Bureau of Economic Analysis on Tuesday morning.
Guam’s GDP in 2022 was driven primarily by the resurgence of tourism and increased federal spending. This growth marks a historic milestone for Guam, demonstrating the island’s resilience and strategic economic policies under the leadership of Gov. Lou Leon Guerrero and Lt. Gov. Joshua Tenorio.
Governor Leon Guerrero stated, “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.”
“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. Governor Tenorio.
The BEA highlighted improved data collection on military construction, thanks to 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.
Governor Leon Guerrero added, “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.”
