Overview: The economy is essentially agricultural and centers on the traditional production of spices and tropical plants. Agriculture accounts for about 15% of GDP and 80% of exports and employs 24% of the labor force. Tourism is the leading foreign exchange earner, followed by agricultural exports. Manufacturing remains relatively undeveloped, but is expected to grow, given a more favorable private investment climate since 1983. The economy achieved an impressive average annual growth rate of 5.5% in 1986-91 but stalled in 1992. Unemployment remains high at about 25%.

National product: GDP - purchasing power equivalent - $250 million (1992 est.)

National product real growth rate: -0.4% (1992 est.)

National product per capita: $3,000 (1992 est.)

Inflation rate (consumer prices): 3.6% (1992 est.)

Unemployment rate: 25% (1992 est.)

Budget:
revenues: $78 million
expenditures: $51 million, including capital expenditures of $22 million (1991 est.)

Exports: $19.9 million (f.o.b., 1992 est.)
commodities: bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace
partners: Netherlands, UK, Trinidad and Tobago, United States

Imports: $103.2 million (f.o.b., 1992 est.)
commodities: food 25%, manufactured goods 22%, machinery 20%, chemicals 10%, fuel 6% (1989)
partners: US 29%, UK, Trinidad and Tobago, Japan, Canada (1989)

External debt: $109 million (1992)

Industrial production: growth rate 1.8% (1992 est.); accounts for 9% of GDP

Electricity:
capacity: 12,500 kW
production: 26 million kWh
consumption per capita: 310 kWh (1992)

Industries: food and beverage, textile, light assembly operations, tourism, construction

Agriculture: accounts for 15% of GDP and 80% of exports; bananas, cocoa, nutmeg, and mace account for two-thirds of total crop production; world's second-largest producer and fourth-largest exporter of nutmeg and mace; small-size farms predominate, growing a variety of citrus fruits, avocados, root crops, sugarcane, corn, and vegetables

Economic aid:
recipient: US commitments, including Ex-Im (FY84-89), $60 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $70 million; Communist countries (1970-89), $32 million

Currency: 1 EC dollar (EC$) = 100 cents
Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.70 (fixed rate since 1976)

Fiscal year: calendar year

NOTE: The information regarding Grenada on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 1995 information contained here. All suggestions for corrections of any errors about Grenada Economy 1995 should be addressed to the CIA.