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# Grenada/Economy

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Economy - overview: In this island economy progress in fiscal reforms and prudent macroeconomic management have boosted annual growth to 5%-6% in 1998-99. The increase in economic activity has been led by construction and trade. Tourist facilities are being expanded; tourism is the leading foreign exchange earner. Major short-term concerns are the rising fiscal deficit and the deterioration in the external account balance. Grenada shares a common central bank and a common currency with seven other members of the Organization of Eastern Caribbean States (OECS).

GDP: purchasing power parity - $360 million (1999 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 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 98 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables

Exports: $26.8 million (1998)

Exports - commodities: bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace

Exports - partners: Caricom 32.3%, UK 20%, US 13%, Netherlands 8.8% (1991)

Imports: $200 million (1998)

Imports - commodities: food, manufactured goods, machinery, chemicals, fuel (1989)

Imports - partners: US 31.2%, Caricom 23.6%, UK 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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Last edited May 3, 2001 7:41 pm (diff)
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