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Grenada Economy 2014
http://www.theodora.com/wfbcurrent/grenada/grenada_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

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 remained stagnant in 2010-12 after a sizeable contraction in 2009, because of the global economic slowdown's effects on tourism and remittances.

GDP (purchasing power parity):
$1.427 billion (2012 est.)
country comparison to the world: 198

$1.439 billion (2011 est.)
$1.425 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$779.3 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.8% (2012 est.)
country comparison to the world: 192

1% (2011 est.)
-0.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,500 (2012 est.)
country comparison to the world: 96

$13,700 (2011 est.)
$13,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 91.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.9%
investment in fixed capital: 17.6%
investment in inventories: 0%
exports of goods and services: 24.5%
imports of goods and services: -49.9%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 5.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 16.4%
services: 78.1% (2012 est.)

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

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

Industrial production growth rate:
-2% (2012 est.)
country comparison to the world: 157
[see also: Industrial production growth rate country ranks ]

Labor force:
47,580 (2008)
country comparison to the world: 194
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 11%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20%
services: 69% (2008 est.)

Unemployment rate:
25% (2008)
country comparison to the world: 172

12.5% (2000)
[see also: Unemployment rate country ranks ]

Population below poverty line:
38% (2008)
[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%

Budget:
revenues: $175.3 million
[see also: Budget revenues country ranks ]
expenditures: $215.9 million (2009 est.)

Taxes and other revenues:
22.5% of GDP (2009 est.)
country comparison to the world: 149
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.2% of GDP (2009 est.)
country comparison to the world: 171
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
110% of GDP (2012 est.)
country comparison to the world: 13
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.4% (2012 est.)
country comparison to the world: 58

3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2009)
country comparison to the world: 50

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

Commercial bank prime lending rate:
9.75% (31 December 2012 est.)
country comparison to the world: 80

10.68% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$123.3 million (31 December 2012 est.)
country comparison to the world: 182

$120.2 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$715.6 million (31 December 2012 est.)
country comparison to the world: 172

$687.9 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$729.5 million (31 December 2012 est.)
country comparison to the world: 159

$744.9 million (31 December 2011 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 ]

Current account balance:
$-214.4 million (2012 est.)
country comparison to the world: 85

$-204.5 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$40.5 million (2012 est.)
country comparison to the world: 200

$34.9 million (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Nigeria 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)

Imports:
$297 million (2012 est.)
country comparison to the world: 201

$290.4 million (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Trinidad and Tobago 44.3%, US 16.4%, China 4.6% (2012)

Debt - external:
$538 million (2010 est.)
country comparison to the world: 173

$542 million (2009 est.)
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar -

2.7 (2012 est.)
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)


NOTE: The information regarding Grenada on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 2014 information contained here. All suggestions for corrections of any errors about Grenada Economy 2014 should be addressed to the CIA.



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