Short facts about the economy in Grenada

Economy - overview:

In this island economy progress in fiscal reforms and prudent macroeconomic management have kept annual growth steady since 1998. 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 - $394 million (2000 est.)

GDP - real growth rate:

7% (2000 est.)

GDP - per capita:

purchasing power parity - $4,400 (2000 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):

2.5% (2000 est.)

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:

120 million kWh (1999)

Electricity - production by source:

fossil fuel:  100% hydro:  0% nuclear:  0% other:  0% (1999)

Electricity - consumption:

111.6 million kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables

Exports:

$62.3 million (2000 est.)

Exports - commodities:

bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace

Exports - partners:

Caricom 32.3%, UK 20%, US 13%, Netherlands 8.8% (1991)

Imports:

$217.5 million (2000 est.)

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:

$182.8 million (1998)

Economic aid - recipient:

$8.3 million (1995)

Currency:

East Caribbean dollar (XCD)

Currency code:

XCD

Exchange rates:

East Caribbean dollars per US dollar - 2.7000 (fixed rate since 1976)

Fiscal year:

calendar year

Source: World Factbook