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    Grenada Economy 2000

      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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    Revised 01-Nov-00
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