Economy of Grenada
In the aftermath of Hurricanes Ivan and Emily, the priority now for Grenada is to continue the recovery process necessary to restore the infrastructure that was devastated by the hurricanes. The international community has disbursed significant amounts of aid, including financial help under the International Monetary Fund's emergency assistance policy for natural disasters and assistance from the World Bank and the Caribbean Development Bank.
In the context of regional economic development, further integration into the Eastern Caribbean regional economy will help enhance Grenada’s competitiveness and increase its scale of economy in production, marketing and distribution.
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Statistics
GDP: purchasing power parity - $360 million (2007 est.)
GDP - real growth rate: 5% (1999 est.)
GDP - per capita: purchasing power parity - $3,700 (1999 est.)
GDP - composition by sector: agriculture: 9.7% industry: 15% services: 75.3% (1996 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices): 1.3% (1998)
Labor force: 42,300 (1996)
Labor force - by occupation: services 62%, agriculture 24%, industry 14% (1999 est.)
Unemployment rate: 15% (1997)
Budget: revenues: $85.8 million expenditures: $102.1 million, including capital expenditures of $28 million (1997)
Industries: food and beverages, textiles, light assembly operations, tourism, construction
Industrial production growth rate: 0.7% (1997 est.)
Electricity - production: 105 GWh (1998)
Electricity - production by source: fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)
Electricity - consumption: 98 GWh (1998)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Agriculture - products: bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, maize, vegetables
Exports: $26.8 million (1998)
Exports - commodities: bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace
Exports - partners: Caricom 32.3%, United Kingdom 20%, United States 13%, Netherlands 8.8% (1991)
Imports: $200 million (1998)
Imports - commodities: food, manufactured goods, machinery, chemicals, fuel (1989)
Imports - partners: United States 31.2%, Caricom 23.6%, United Kingdom 13.8%, Japan 7.1% (1991)
Debt - external: $89.2 million (1998)
Economic aid - recipient: $8.3 million (1995)
Currency: 1 East Caribbean dollar (EC$) = 100 cents
Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)
Fiscal year: calendar year
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References
- This article contains material from the CIA World Factbook which, as a U.S. government publication, is in the public domain.
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