unbekannter Gast

Grenada: Economy#

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 MITCHELL administration limited room to engage in public investments and social spending. MITCHELL in 2013 announced a structural adjustment program that includes a plan to increase tax revenue. Strong performances in construction and manufacturing, together with the development of tourism and higher education - especially in medicine - have contributed to growth in national output; however, economic growth remained stagnant in 2010-13 after a sizeable contraction in 2009, because of the global economic slowdown's effects on tourism and remittances.

Economic Facts#

GDP (purchasing power parity)$1.458 billion (2013 est.)
$1.447 billion (2012 est.)
$1.458 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate0.8% (2013 est.)
-0.8% (` est.)
1% (2011 est.)
GDP - per capita (PPP)$13,800 (2013 est.)
$13,700 (2012 est.)
$13,900 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 5.6%
industry: 15.8%
services: 78.5% (2013 est.)
Population below poverty line38% (2008)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 11%
industry: 20%
services: 69% (2008 est.)
Exports - commoditiesnutmeg, bananas, cocoa, fruit and vegetables, clothing, mace
Exports - partnersNigeria 40.2%, St. Lucia 10.7%, Antigua and Barbuda 7.3%, US 6.6%, St. Kitts and Nevis 6.5%, Dominica 6.5%, Switzerland 4.3% (2012)
Agriculture - productsbananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
Budgetrevenues: $163 million
expenditures: $196.3 million (2012 est.)
Imports - commoditiesfood, manufactured goods, machinery, chemicals, fuel
Imports - partnersTrinidad and Tobago 44.3%, US 16.4%, China 4.6% (2012)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)
Exports$40.5 million (2012 est.)
$34.9 million (2011 est.)
Debt - external$679 million (2013 est.)
$538 million (2010 est.)
Fiscal yearcalendar year
Imports$297 million (2012 est.)
$290.4 million (2011 est.)
Industrial production growth rate-2% (2013 est.)
Industriesfood and beverages, textiles, light assembly operations, tourism, construction
Inflation rate (consumer prices)2.4% (2013 est.)
2.4% (2012 est.)
Labor force59,900 (2013 est.)
Unemployment rate33.5% (2013)
25% (2008)
Public debt110% of GDP (2012 est.)
Current account balance-$214.4 million (2012 est.)
-$204.5 million (2011 est.)
GDP (official exchange rate)$811 million (2013 est.)
Market value of publicly traded shares$NA
Central bank discount rate6.5% (31 December 2009)
6.5% (31 December 2008)
Commercial bank prime lending rate9.4% (31 December 2013 est.)
9.75% (31 December 2012 est.)
Stock of domestic credit$744.9 million (31 December 2013 est.)
$729.5 million (31 December 2012 est.)
Stock of narrow money$131.7 million (31 December 2013 est.)
$123.3 million (31 December 2012 est.)
Stock of broad money$697.4 million (31 December 2013 est.)
$689.7 million (31 December 2012 est.)
Taxes and other revenues20.1% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-4.1% of GDP (2012 est.)
GDP - composition, by end usehousehold consumption: 91.6%
government consumption: 15.8%
investment in fixed capital: 16.8%
investment in inventories: 0%
exports of goods and services: 21.9%
imports of goods and services: -46.1%
(2013 est.)
Gross national saving-3.6% of GDP (2013 est.)
-7.2% of GDP (2012 est.)
-2.1% of GDP (2011 est.)