| Economy | Grenada |
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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 nutmeg industry, which was previously a key driver of economic growth, and the industry is not expected to recover in the near-term. The agricultural sector, particularly nutmeg and cocoa cultivation, has gradually recovered from the hurricanes, and the tourism sector has seen substantial increases in foreign direct investment as the regional share of the tourism market increases. Strong performances in construction and manufacturing, together with the development of 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. Grenada has rebounded from the devastating effects of Hurricanes Ivan and Emily, 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. |
GDP (purchasing power parity):
|
$1.211 billion (2008 est.)
$1.168 billion (2007)
$1.12 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$13,400 (2008 est.)
$13,000 (2007 est.)
$12,500 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$657 million (2008 est.) |
GDP - real growth rate:
|
3.7% (2008 est.)
4.3% (2007 est.)
-1.1% (2006 est.) |
GDP - composition by sector:
|
agriculture: 5.4%
industry: 18%
services: 76.6% (2003) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
32% (2000) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
3.7% (2007 est.) |
Central bank discount rate:
|
6.5% (31 December 2007) |
Commercial bank prime lending rate:
|
9.76% (31 December 2007) |
Stock of money:
|
$151.2 million (31 December 2007) |
Stock of money - per capita:
|
1,667 USD per capita |
Stock of quasi money:
|
$533.4 million (31 December 2007) |
Stock of quasi money - per capita:
|
5,879 USD per capita |
Stock of domestic credit:
|
$575.8 million (31 December 2007) |
Stock of domestic credit - per capita:
|
6,346 USD per capita |
Labor force:
|
42,300 (1996) |
Labor force participation rate:
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46.62 % of population |
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) |
Budget revenues per capita:
|
946 USD per capita |
Public debt:
|
void |
Industries:
|
food and beverages, textiles, light assembly operations, tourism, construction |
Industrial production growth rate:
|
void |
Electricity - production:
|
167.2 million kWh (2006 est.) |
Electricity - production per capita:
|
1,843 kWh per capita |
Electricity - consumption:
|
144.2 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
1,590 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
2,043 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
8.22 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2005) |
Oil - imports:
|
1,844 bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
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.) |
Agriculture - products:
|
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables |
Current account balance:
|
-$138 million (2007 est.) |
Current account balance - per capita:
|
-1,520 USD per capita |
Exports:
|
$38 million (2006) |
Exports per capita:
|
419 USD per capita |
Exports - commodities:
|
bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace |
Exports - partners:
|
Jamaica 92.8%, Saint Lucia 1.3%, US 1.2% (2007) |
Imports:
|
$343 million f.o.b. (2006) |
Imports per capita:
|
3,781 USD per capita |
Imports - commodities:
|
food, manufactured goods, machinery, chemicals, fuel |
Imports - partners:
|
Trinidad and Tobago 36.5%, US 23.3%, Italy 4.1% (2007) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$347 million (2004) |
Debt - external - per capita:
|
3,825 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$44.87 million (2005) |
Economic aid - recipient per capita:
|
495 USD per capita |
Currency (code):
|
East Caribbean dollar (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 |
|
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