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The Economy of Grenada

Grenadian Economy

Grenada's map

Economy - overview: Grenada relies on tourism as its main source of foreign exchange, especially since the construction of an international airport in 1985. Hurricanes Ivan (2004) and Emily (2005) severely damaged the nutmeg industry, which was previously a key driver of economic growth, and the industry is not expected to recover in the near-term. The agricultural sector, particularly nutmeg and cocoa cultivation, has gradually recovered from the hurricanes, and the tourism sector has seen substantial increases in foreign direct investment as the regional share of the tourism market increases. Strong performances in construction and manufacturing, together with the development of an offshore financial industry, have also contributed to growth in national output; however, economic growth will likely slow in 2009 because of the global economic slowdown's effects on tourism and remittances. Grenada has rebounded from the devastating effects of Hurricanes Ivan and Emily, but is now saddled with the debt burden from the rebuilding process. Public debt-to-GDP is nearly 110%, leaving the THOMAS administration limited room to engage in public investments and social spending.

GDP:

GDP - real growth rate: 3.7% (2008 est.) 4.3% (2007 est.) -1.1% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 5.4% industry: 18% services: 76.6% (2003)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 42,300 (1996)

Labor force - by occupation: agriculture: 24% industry: 14% services: 62% (1999 est.)

Unemployment rate: 12.5% (2000)

Budget: revenues: $85.8 million expenditures: $102.1 million (1997)

Industries: food and beverages, textiles, light assembly operations, tourism, construction

Industrial production growth rate:

Electricity - production: 167.2 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 144.2 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 2,043 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 1,844 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

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

Exports: $38 million (2006)

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

Exports - partners: Jamaica 92.8%, Saint Lucia 1.3%, US 1.2% (2007)

Imports: $343 million f.o.b. (2006)

Imports - commodities: food, manufactured goods, machinery, chemicals, fuel

Imports - partners: Trinidad and Tobago 36.5%, US 23.3%, Italy 4.1% (2007)

Debt - external: $347 million (2004)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)

Fiscal year: