Grenada Economy Profile 2008

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.

GDP (purchasing power parity)

$982 million (2006 est.)

GDP (official exchange rate)

$553 million (2007 est.)

GDP - real growth rate

0.9% (2005 est.)

GDP - per capita (PPP)

$3,900 (2005 est.)

GDP - composition by sector

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

Population below poverty line

32% (2000)

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

3% (2005 est.)

Labor force

42,300 (1996)

Labor force - by occupation

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

Unemployment rate

12.5% (2000)

Budget

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

Industries

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

Industrial production growth rate

0.7% (1997 est.)

Electricity - production

150 million kWh (2005)

Electricity - consumption

139.5 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

1,800 bbl/day (2005 est.)

Oil - imports

1,776 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 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

Saint Lucia 18.8%, Antigua and Barbuda 12.8%, Saint Kitts & Nevis 11.5%, Dominica 11.4%, US 11.4% (2006)

Imports

$343 million (2006)

Imports - commodities

food, manufactured goods, machinery, chemicals, fuel

Imports - partners

Trinidad and Tobago 33.7%, US 24.2%, UK 4.3% (2006)

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)

Exchange rates

East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)

Fiscal year

calendar year