Economy - overview:
Grenada relies on tourism as its main source of foreign exchange, especially since the construction of an international airport in 1985. Strong performances in construction and manufacturing, together with the development of an offshore financial industry, have also contributed to growth in national output.
GDP:
purchasing power parity - $440 million (2002 est.)
GDP - real growth rate:
2.5% (2002 est.)
GDP - per capita:
purchasing power parity - $5,000 (2002 est.)
GDP - composition by sector:
agriculture: 7.7%
industry: 23.9%
services: 68.4% (2000)
Population below poverty line:
32% (2000)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
2.8% (2001 est.)
Labor force:
42,300 (1996)
Labor force - by occupation:
services 62%, agriculture 24%, industry 14% (1999 est.)
Unemployment rate:
12.5% (2000)
Budget:
revenues: $85.8 million
expenditures: $102.1 million, including capital expenditures of $28 million (1997)
Industries:
food and beverages, textiles, light assembly operations, tourism, construction
Industrial production growth rate:
0.7% (1997 est.)
Electricity - production:
138 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
128.34 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
1,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
Exports:
$78 million (2000 est.)
Exports - commodities:
bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace
Exports - partners:
US 35.9%, Caricom 29.0%, UK 3.1% (2000)
Imports:
$270 million (2000 est.)
Imports - commodities:
food, manufactured goods, machinery, chemicals, fuel
Imports - partners:
US 37.9%, Caricom 29.0%, UK 8.4%, Japan 7.1% (2000)
Debt - external:
$196 million (2000)
Economic aid - recipient:
$8.3 million (1995)
Currency:
East Caribbean dollar (XCD)
Currency code:
XCD
Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999), 2.7 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Grenada on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Grenada Economy 2003 should be addressed to the CIA.
