| 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.)
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)
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: $89.2 million (1998)
Economic aid - recipient: $8.3 million (1995)
Currency: East Caribbean dollar (XCD)
SOURCE: The World Factbook |