Grenada Economy - overview

Economy - overview: Grenada relies on tourism as its main source of foreign exchange, especially since the construction of an international airport in 1985. Strong performances in construction and manufacturing, together with the development of an offshore financial industry, have also contributed to growth in national output. Grenada has rebounded from the devastating effects of Hurricanes Ivan (2004) and Emily (2005), but is now saddled with the debt burden from the rebuilding process. The agricultural sector, particularly nutmeg and cocoa cultivation, has gradually recovered, and the tourism sector has seen substantial increases in foreign direct investment as the regional share of the tourism market increases.

Definition: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.

Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of May 16, 2008