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Grenada Economy 1996

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 has stalled since 1992. Unemployment remains high at about 25%.

National product:

GDP - purchasing power parity - $258 million (1993 est.)

National product real growth rate:

0.5% (1993 est.)

National product per capita:

$2,750 (1993 est.)

Inflation rate (consumer prices):

2.6% (1993 est.)

Unemployment rate:

25% (1994 est.)

Budget:

revenues:

$82.2 million (1993 est.)

expenditures:

$74.3 million, including capital expenditures of $11.8 million (1993 est.)

Exports:

$18.6 million (f.o.b., 1993 est.)

commodities:

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

partners:

Netherlands, UK, Trinidad and Tobago, United States

Imports:

$133.8 million (f.o.b., 1993 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:

$89.9 million (1993)

Industrial production:

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

Electricity:

capacity:

12,500 kW

production:

60 million kWh

consumption per capita:

639 kWh (1993)

Industries:

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

Agriculture:

accounts for 14% 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-sized 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

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