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    Grenada Economy - 1989

      Overview: The economy is essentially agricultural and centers on the traditional production of spices and tropical plants. Agriculture accounts for about 20% of GDP and 90% of exports and employs 25% of the labor force. Tourism is the leading foreign exchange earner, followed by agricultural exports. Manufacturing remains relatively undeveloped, but with a more favorable private investment climate since 1983, is expected to grow. Despite an impressive average annual growth rate for the economy of 5.5% during the period 1984-87, unemployment remains high at about 20%.

      GDP: $118.7 million, per capita $1,400; real growth rate 6% (1987 est.)

      Inflation rate (consumer prices): - 0.9% (1987)

      Unemployment rate: 20% (1987 est.)

      Budget: revenues $34.7 million; expenditures $66.3 million, including capital expenditures of $25.7 million (1986)

      Exports: $31.6 million (f.o.b., 1987); @m5commodities--nutmeg 35%, cocoa beans 15%, bananas 13%, mace 7%, textiles; @m5partners--US 4%, UK, FRG, Netherlands, Trinidad and Tobago

      Imports: $88 million (c.i.f., 1987); @m5commodities--food 22%, machinery 24%, manufactured goods 19%, petroleum 8%; @m5partners--US 32%, UK, Trinidad and Tobago, Japan, Canada

      External debt: $66.4 million (December 1987)

      Industrial production: growth rate 16.9% (1987)

      Electricity: 11,400 kW capacity; 24 million kWh produced, 280 kWh per capita (1988)

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

      Agriculture: nutmeg, mace, cocoa, bananas, fruits, vegetables, tropical plants

      Aid: NA

      Currency: East Caribbean dollar (plural--dollars); 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 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 1989 information contained here. All suggestions for corrections of any errors about Grenada Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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