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Grenada Economy

    Economy—overview: In this island economy progress in fiscal reforms and prudent macroeconomic management have boosted annual growth to nearly 5% in 1997-98. 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—$340 million (1998 est.)

    GDP—real growth rate: 5% (1998 est.)

    GDP—per capita: purchasing power parity—$3,500 (1998 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): 1.4% (1998)

    Labor force: 36,000

    Labor force—by occupation: services 31%, agriculture 24%, construction 8%, manufacturing 5%, other 32% (1985)

    Unemployment rate: 20% (1 October 1996)

    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: 70 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 70 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $22 million (1997)

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

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

    Imports: $166.5 million (1997)

    Imports—commodities: food 25%, manufactured goods 22%, machinery 20%, chemicals 10%, fuel 6% (1989)

    Imports—partners: US 31.2%, Caricom 23.6%, UK 13.8%, Japan 7.1% (1991)

    Debt—external: $74 million (1997 est.)

    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 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)