Guam
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The economy depends largely on US military spending and tourism. Total US grants, wage payments, and procurement outlays amounted to $1.3 billion in 2004. Over the past 30 years, the tourist industry has grown to become the largest income source following national defense. The Guam economy continues to experience expansion in both its tourism and military sectors. Source: The World Factbook, CIA. |
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Places
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Guam
was ceded to the US by Spain in 1898. Captured by the Japanese in 1941, it was
retaken by the US three years later. The military installation on the island is
one of the most strategically important US bases in the Pacific.