Grenada Economy Profile 2009

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 agricultural sector - particularly nutmeg and cocoa cultivation - which had been a key driver of economic growth. Grenada has rebounded from the devastating effects of the hurricanes 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. Strong performances in construction and manufacturing, together with the development of tourism and 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.

GDP (purchasing power parity)

$1.161 billion (2008 est.)
$1.158 billion (2007 est.)
$1.108 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$639 million (2008 est.)

GDP - real growth rate

0.3% (2008 est.)
4.5% (2007 est.)
-2.3% (2006 est.)

GDP - per capita (PPP)

$12,900 (2008 est.)
$12,900 (2007 est.)
$12,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 5.4%
industry: 18%
services: 76.6% (2003)

Population below poverty line

32% (2000)

Labor force

42,300 (1996)

Labor force - by occupation

agriculture: 24%
industry: 14%
services: 62% (1999 est.)

Unemployment rate

12.5% (2000)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

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

Inflation rate (consumer prices)

3.7% (2007 est.)

Central bank discount rate

6.5% (31 December 2008)
6.5% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
9.76% (31 December 2007)

Stock of money

$NA (31 December 2008)
$151.2 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$533.4 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$575.8 million (31 December 2007)

Industries

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

Electricity - production

167.2 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

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 - imports

1,844 bbl/day (2005)

Oil - exports

0 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.)

Current Account Balance

-$138 million (2007 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 92.2%, Saint Lucia 1.3%, US 0.9% (2008)

Imports

$343 million (2006)

Imports - commodities

food, manufactured goods, machinery, chemicals, fuel

Imports - partners

Trinidad and Tobago 40.1%, US 22.8%, Barbados 3.4% (2008)

Debt - external

$347 million (2004)

Market value of publicly traded shares

$NA

Economic aid - recipient

$44.87 million (2005)

Currency (code)

East Caribbean dollar (XCD)

Currency (code)

XCD

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

calendar year