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Grenada Economy 2011
https://theodora.com/wfb2011/grenada/grenada_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 11, 2011

Economy - overview:
Grenada relies on tourism as its main source of foreign exchange especially since the construction of an international airport in 1985. Hurricanes Ivan (2004) and Emily (2005) severely damaged the agricultural sector - particularly nutmeg and cocoa cultivation - which had been a key driver of economic growth. Grenada has rebounded from the devastating effects of the hurricanes but is now saddled with the debt burden from the rebuilding process. Public debt-to-GDP is nearly 110%, leaving the THOMAS administration limited room to engage in public investments and social spending. Strong performances in construction and manufacturing, together with the development of tourism and an offshore financial industry, have also contributed to growth in national output; however, economic growth was stagnant in 2010 after a sizeable contraction in 2009, because of the global economic slowdown's effects on tourism and remittances.

GDP (purchasing power parity):
$1.127 billion (2010 est.)
country comparison to the world: 198

$1.118 billion (2009 est.)
$1.211 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$645 million (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2010 est.)
country comparison to the world: 184

-7.7% (2009 est.)
2.2% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,500 (2010 est.)
country comparison to the world: 109

$10,400 (2009 est.)
$11,400 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 5.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 18%
[see also: GDP - composition by sector - industry country ranks ]
services: 76.6% (2003)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
42,300 (1996)
country comparison to the world: 193
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 24%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14%
[see also: Labor force - by occupation - industry country ranks ]
services: 62% (1999 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.5% (2000)
country comparison to the world: 132
[see also: Unemployment rate country ranks ]

Population below poverty line:
32% (2000)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $175.3 million
[see also: Budget - revenues country ranks ]
expenditures: $215.9 million (1997)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
3.7% (2007 est.)
country comparison to the world: 106
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2009)
country comparison to the world: 68

6.5% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.06% (31 December 2009 est.)
country comparison to the world: 97

9.53% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$123.1 million (31 December 2009)

$131.7 million (31 December 2008)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$743.5 million (31 December 2009)

$719.5 million (31 December 2008)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$658 million (31 December 2008 est.)
country comparison to the world: 161

$575.8 million (31 December 2007 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables

Industries:
food and beverages, textiles, light assembly operations, tourism, construction

Electricity - production:
178.7 million kWh (2007 est.)
country comparison to the world: 180
[see also: Electricity - production country ranks ]

Electricity - consumption:
155.7 million kWh (2007 est.)
country comparison to the world: 182
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 192
[see also: Oil - production country ranks ]

Oil - consumption:
3,000 bbl/day (2009 est.)
country comparison to the world: 182
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 153
[see also: Oil - exports country ranks ]

Oil - imports:
1,923 bbl/day (2007 est.)
country comparison to the world: 177
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 176
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 106
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 151
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 72
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 171
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 174
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$138 million (2007 est.)
country comparison to the world: 81
[see also: Current account balance country ranks ]

Exports:
$38 million (2006)
country comparison to the world: 202
[see also: Exports country ranks ]

Exports - commodities:
bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace

Exports - partners:
Saint Lucia 19.73%, Antigua and Barbuda 13.41%, US 12.21%, Saint Kitts and Nevis 12.03%, Dominica 12% (2009)

Imports:
$343 million (2006)
country comparison to the world: 191
[see also: Imports country ranks ]

Imports - commodities:
food, manufactured goods, machinery, chemicals, fuel

Imports - partners:
Trinidad and Tobago 39.76%, US 18.11% (2009)

Debt - external:
$347 million (2004)
country comparison to the world: 168
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)


NOTE: The information regarding Grenada on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 2011 information contained here. All suggestions for corrections of any errors about Grenada Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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