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Grenada Economy 2015
http://www.theodora.com/wfbcurrent/grenada/grenada_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 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 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.

GDP (purchasing power parity):
$1.458 billion (2013 est.)
country comparison to the world: 198

$1.447 billion (2012 est.)
$1.458 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$811 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2013 est.)
country comparison to the world: 179

-0.8% (` est.)
1% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,800 (2013 est.)
country comparison to the world: 97

$13,700 (2012 est.)
$13,900 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
-3.6% of GDP (2013 est.)
country comparison to the world: 152

-7.2% of GDP (2012 est.)
-2.1% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household 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.)

GDP - composition, by sector of origin:
agriculture: 5.6%
industry: 15.8%
services: 78.5% (2013 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% (2013 est.)
country comparison to the world: 182
[see also: Industrial production growth rate country ranks ]

Labor force:
59,900 (2013 est.)
country comparison to the world: 187
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 11%
industry: 20%
services: 69% (2008 est.)

Unemployment rate:
33.5% (2013)
country comparison to the world: 186

25% (2008)
[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%
highest 10%: NA%

Budget:
revenues: $163 million
expenditures: $196.3 million (2012 est.)

Taxes and other revenues:
20.1% of GDP (2012 est.)
country comparison to the world: 166
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.1% of GDP (2012 est.)
country comparison to the world: 148
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
110% of GDP (2012 est.)
country comparison to the world: 12
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.4% (2013 est.)
country comparison to the world: 87

2.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2009)
country comparison to the world: 47

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

Commercial bank prime lending rate:
9.4% (31 December 2013 est.)
country comparison to the world: 87

9.75% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$131.7 million (31 December 2013 est.)
country comparison to the world: 181

$123.3 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$697.4 million (31 December 2013 est.)
country comparison to the world: 174

$689.7 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$744.9 million (31 December 2013 est.)
country comparison to the world: 159

$729.5 million (31 December 2012 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: 88

-$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:
$679 million (2013 est.)
country comparison to the world: 169

$538 million (2010 est.)
[see also: Debt - external country ranks ]

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

2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)


NOTE: The information regarding Grenada on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 2015 information contained here. All suggestions for corrections of any errors about Grenada Economy 2015 should be addressed to the CIA.



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