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    Grenada Economy - 1991

      Overview: The economy is essentially agricultural and centers on the traditional production of spices and tropical plants. Agriculture accounts for about 16% 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. Despite an impressive average annual growth rate for the economy of 5.6% during the period 1986-90, unemployment remains high at about 25%.

      GDP: $200.7 million, per capita $2,390 (1989); real growth rate 5.4% (1990)

      Inflation rate (consumer prices): 7.0% (1990)

      Unemployment rate: 25% (1990 est.)

      Budget: revenues $54.9 million; expenditures $77.6 million, including capital expenditures of $16.6 million (1990 est.)

      Exports: $27.9 million (f.o.b., 1989 est.); commodities--nutmeg 36%, cocoa beans 9%, bananas 14%, mace 8%, textiles 5; partners--US 12%, UK, FRG, Netherlands, Trinidad and Tobago (1989)

      Imports: $115.6 million (c.i.f., 1989 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: $90 million (1990 est.)

      Industrial production: growth rate 5.8% (1989 est.); accounts for 6% of GDP

      Electricity: 12,500 kW capacity; 26 million kWh produced, 310 kWh per capita (1990)

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

      Agriculture: accounts for 16% 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: US commitments, including Ex-Im (FY84-89), $60 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $67 million; Communist countries (1970-89), $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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 1991 information contained here. All suggestions for corrections of any errors about Grenada Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)