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 be stagnant in 2010 after a sizeable contraction in 2009, because of the global economic slowdown's effects on tourism and remittances.
GDP (purchasing power parity):
$1.156 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$683 million (2009 est.)
GDP - real growth rate:
-4% (2009 est.)
GDP - per capita (PPP):
$12,700 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 5.4%
industry:
18%
services:
76.6% (2003)
Labor force:
42,300 (1996)
Labor force - by occupation:
agriculture: 24%
industry:
14%
services:
62% (1999 est.)
Unemployment rate:
12.5% (2000 est.)
Population below poverty line:
32% (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)
Commercial bank prime lending rate:
9.53% (31 December 2008)
Stock of money:
$141.4 million (31 December 2008)
Stock of quasi money:
$578.1 million (31 December 2008)
Stock of domestic credit:
$658 million (31 December 2008)
Market value of publicly traded shares:
$NA
Agriculture - products:
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
Industries:
food and beverages, textiles, light assembly operations, tourism, construction
Electricity - production:
178.7 million kWh (2007 est.)
Electricity - consumption:
155.7 million kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
3,000 bbl/day (2008 est.)
Oil - exports:
0 bbl/day (2007 est.)
Oil - imports:
1,923 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
0 cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Current account balance:
$-138 million (2007 est.)
Exports:
$38 million (2006 est.)
Exports - commodities:
bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace
Exports - partners:
Saint Lucia 16.4%, US 11.4%, UK 11.3%, Antigua and Barbuda 11.1%, Saint Kitts & Nevis 10%, Dominica 10%, France 6.4% (2008)
Imports:
$343 million (2006 est.)
Imports - commodities:
food, manufactured goods, machinery, chemicals, fuel
Imports - partners:
Trinidad and Tobago 39.6%, US 22.5%, Barbados 3.3% (2008)
Debt - external:
$347 million (2004 est.)
Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
NOTE: The information regarding Grenada on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 2010 information contained here. All suggestions for corrections of any errors about Grenada Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10