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Guam’s Troubles Continue As GDP Estimated to Have Shrunk in 2018

Trouble in the territories

Previously, I’ve written about the troubles in Guam here. In short, Guam has been impacted by the twin problems of falling revenue from tourism and a rise in borrowing costs from the rapid decline of its credit rating, the latter of which was brought on by Puerto Rico’s default.

Guam has been struggling since Puerto Rico’s detault to cover budget holes, and 2019 doesn’t look like it’s going to be much better for them:

While numbers are not concrete yet, Ruane said Guam’s 2018 economy had zero to slightly negative growth at -0.5 percent, and will be more of the same in 2019.

There is a good chance 2019 will be in the negative, she said.

The economy has grown an average of 1.08 percent each year between 2002 and 2017, according to Ruane’s 2018 Guam Economic Report. There is an estimated growth of only 0.2 percent from 2017.

This means that Guam’s economy is stagnant, and has particularly slowed in growth since 2010, according to her report.

While numbers are not concrete yet, Ruane said Guam’s 2018 economy had zero to slightly negative growth at -0.5 percent, and will be more of the same in 2019.

There is a good chance 2019 will be in the negative, she said.

The economy has grown an average of 1.08 percent each year between 2002 and 2017, according to Ruane’s 2018 Guam Economic Report. There is an estimated growth of only 0.2 percent from 2017. 

This means that Guam’s economy is stagnant, and has particularly slowed in growthsince 2010, according to her report.

Isn’t there anyone in Washington paying attention to the problems growing in the nation’s territories?

 
Doomberg

Written by Doomberg

I am Doomberg, one of the original founding members of Sparta Report, and have been here since the beginning. I am an insatiable news junkie and enjoy reading and writing about the US territories, the Caribbean, video games, smartphones, and of course conservative politics in general.

I also really like pictures of gas stations and claim full responsibility for the silly gas station motif. I'm presently trapped behind enemy lines in a blue state with no hope of escape! The ride never ends.

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