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    Grenada Economy - 1990

      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 24% 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, it is expected to grow. Despite an impressive average annual growth rate for the economy of 5.5% during the period 1984-88, unemployment remains high at about 26%.

      GDP: $129.7 million, per capita $1,535; real growth rate 5% (1988)

      Inflation rate (consumer prices): 5.0% (1989 est.)

      Unemployment rate: 26% (1988)

      Budget: revenues $74.2 million; expenditures $82.3 million, including capital expenditures of $27.8 million (1989 est.)

      Exports: $31.8 million (f.o.b., 1988 est.); commodities--nutmeg 35%, cocoa beans 15%, bananas 13%, mace 7%, textiles; partners--US 4%, UK, FRG, Netherlands, Trinidad and Tobago

      Imports: $92.6 million (c.i.f., 1988 est.); commodities--machinery 24%, food 22%, manufactured goods 19%, petroleum 8%; partners--US 32%, UK, Trinidad and Tobago, Japan, Canada

      External debt: $108 million (1989 est.)

      Industrial production: growth rate 5.8% (1989 est.)

      Electricity: 11,400 kW capacity; 24 million kWh produced, 280 kWh per capita (1989)

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

      Agriculture: accounts for 20% of GDP and 90% 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

      Aid: US commitments, including Ex-Im (FY84-88), $60 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $61 million; Communist countries (1970-88), $32 million

      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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 1990 information contained here. All suggestions for corrections of any errors about Grenada Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)