Economy - overview The agriculturally based economy was hurt in 1996 by the emergence of the pink mealy bug, which destroyed much of the cocoa harvest. Bananas, a major foreign exchange earner, also suffered due to falling prices, low production, and poor quality. Tourism, the leading foreign exchange earner, continued to do well, as did manufacturing. Construction boomed in 1996 due to concessions for low and middle income mortgages. The government introduced a 5% tax on electricity and telephones and doubled the general consumption tax, which caused a small rise in the inflation rate. The tourist industry faces stiff competition over the next few years.

GDP purchasing power parity - $300 million (1996 est.)

GDP - real growth rate 3.1% (1996 est.)

GDP - per capita purchasing power parity - $3,200 (1996 est.)

GDP - composition by sector
agriculture: 10.2%
industry: 40.3%
services: 49.5% (1994 est.)

Inflation rate - consumer price index 3.2% (1996 est.)

Labor force
total: 36,000
by occupation: services 31%, agriculture 24%, construction 8%, manufacturing 5%, other 32% (1985)

Unemployment rate 20% (1 October 1996)

Budget
revenues: $75.7 million (1996 est.)
expenditures: $126.7 million, including capital expenditures of $51 million (1996 est.)

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

Industrial production growth rate 1.8% (1992 est.)

Electricity - capacity 9,000 kW (1995)

Electricity - production 70 million kWh (1995)

Electricity - consumption per capita 741 kWh (1995)

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

Exports
total value: $24 million (f.o.b., 1996 est.)
commodities: bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace
partners: Caricom 32.3%, UK 20%, US 13%, Netherlands 8.8% (1991)

Imports
total value: $128 million (f.o.b., 1996 est.)
commodities: food 25%, manufactured goods 22%, machinery 20%, chemicals 10%, fuel 6% (1989)
partners: US 31.2%, Caricom 23.6%, UK 13.8%, Japan 7.1% (1991)

Debt - external $97 million (1996 est.)

Economic aid
recipient: ODA, $NA

Currency 1 EC dollar (EC$) = 100 cents

Exchange rates East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year calendar year

NOTE: The information regarding Grenada on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Grenada Economy 1998 information contained here. All suggestions for corrections of any errors about Grenada Economy 1998 should be addressed to the CIA.