Guam economy · Economy in Guam
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Economy in Guam
Economy in Guam
The economy depends on U.S. military spending, tourism, and the export of fish and handicrafts. Total U.S. grants, wage payments, and procurement outlays amounted to $1 billion in 1998. Over the past 20 years, the tourist industry has grown rapidly, creating a construction boom for new hotels and the expansion of older ones. More than 1 million tourists visit Guam each year. The industry has recently suffered setbacks because of the continuing Japanese slowdown; the Japanese normally make up almost 90% of the tourists. However, Guam tourism is branching out to attract people from other Asian countries such as South Korea and China. Most food and industrial goods are imported. The possibility of a large military buildup has generated a lot of interest in increasing the tourist facilities on the island.
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Guam Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.