Economic overview: In the island’s economy, progress on tax reforms and prudent macroeconomic management have led to robust growth since 1998. Economic revival was provided by construction and trade. The tourism industry is expanding, which is the main source of foreign exchange earnings. The main problems for the near future are the growth of the budget deficit and the deterioration of the external trade balance. Grenada shares a central bank and a common currency with seven other members of the Organization of Eastern Caribbean States (OECS). See cheeroutdoor.com to know more about Grenada Business.
GDP: at purchasing power parity – $394 million (2000 est.).
Real GDP growth rate: 7% (2000 est.).
GDP per capita: at purchasing power parity – $4,400 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 9.7%; industry: 15%; services: 75.3% (1996 est.).
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: 10% of the poorest households account for: n/a; 10% of the wealthiest families account for: no data.
Inflation rate at consumer prices: 2.5% (2000).
Labor force: 42,300 people (1996).
Employment structure: service sector 62%, agriculture 24%, industry 14% (1999 est.).
Unemployment rate: 15% (1997).
Budget: revenues: $85.8 million; expenses: $102.1 million, including capital investments – $28 million (1997).
Economic sectors: food and beverages, textiles, light assembly, tourism, construction.
Growth in industrial production: 0.7% (1997 est.).
Electricity generation: 120 million kWh (1999).
Sources of electricity generation: fossil fuels: 100%; hydropower: 0%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 111.6 million kWh (1999)
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: bananas, cocoa, nutmeg, dried nutmeg husks, citrus fruits, avocados, root vegetables, sugarcane, corn, vegetables.
Export: $62.3 million (2000 est.)
Exports: bananas, cocoa, nutmeg, fruits and vegetables, clothing, dried nutmeg husks.
Export partners: CARICOM 32.3%, UK 20%, USA 13%, Netherlands 8.8% (1991).
Imports: $217.5 million (2000 est.)
Import Items: Foodstuffs, Manufactured Goods, Machinery, Chemicals, Fuels (1989).
Import partners: US 31.2%, CARICOM 23.6%, UK 13.8%, Japan 7.1% (1991).
External debt: $182.8 million (1998) Economic aid recipient: $8.3 million (1995)
Economic aid donor:
Currency: East Caribbean dollar.
Currency code: XCD.
Exchange rate: XCD/USD – 2.7000 (fixed exchange rate since 1976).
Fiscal year: calendar year.
Telecommunications Telephone lines: 27,000 (1997).
Mobile Cell Phones: 976 (1997).
Telephone system: automatic, island-wide system; domestic: inter-island radiotelephony in the VHF and UHF bands; international: new microwave radiotelephone links with Trinidad and Tobago and St. Vincent; radio communication in the VHF and UHF bands with Trinidad.
Broadcast stations: AM – 2, FM – 1, shortwave -0 (1998).
Radio receivers: 57,000 (1997).
Television broadcast stations: 2 (1997).
TVs: 33,000 (1997).
Internet Country Code: gd
Internet Service Providers: 14 (2000).
Number of users: 2,000 (2000).
Transport Railways: 0 km.
Roads: total: 1,040 km; coated: 638 km; unpaved: 402 km (1996 est.).
Ports and harbors: Grenville, St. George’s.
Merchant fleet: none (2000 est.).
Airports: 3 (2000 est.).
Airports with paved runways: total: 3; from 2438 to 3047 m: 1; from 914 to 1523 m:1; less than 914 m: 1 (2000 est.).
Airports with unpaved runways:
Branches of the Armed Forces: Royal Grenada Police (includes Special Service Unit), Coast Guard.
International issues International disputes: no.
Illicit drugs: Hemp is grown in small quantities; a minor transit point for marijuana and cocaine bound for the United States.