Grenada Economy 2007

Economy - overview:
Grenada relies on tourism as its main source of foreign exchange, especially since the construction of an international airport in 1985. Strong performances in construction and manufacturing, together with the development of an offshore financial industry, have also contributed to growth in national output.

GDP (purchasing power parity):
$982 million (2006 est.)

GDP (official exchange rate):
$454 million (2005)

GDP - real growth rate:
0.9% (2005 est.)

GDP - per capita (PPP):
$3,900 (2005 est.)

GDP - composition by sector:
agriculture: 5.4%
industry: 18%
services: 76.6% (2003)

Labor force:
42,300 (1996)

Labor force - by occupation:
agriculture: 24%
industry: 14%
services: 62% (1999 est.)

Unemployment rate:
12.5% (2000)

Population below poverty line:
32% (2000)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
3% (2005 est.)

Budget:
revenues: $85.8 million
expenditures: $102.1 million (1997)

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:
0.7% (1997 est.)

Electricity - production:
150 million kWh (2005)

Electricity - consumption:
139.5 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2004 est.)

Oil - consumption:
1,800 bbl/day (2004 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Exports:
$40 million (2004 est.)

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

Exports - partners:
Saint Lucia 18.8%, Antigua and Barbuda 12.8%, Saint Kitts & Nevis 11.5%, Dominica 11.4%, US 11.3% (2006)

Imports:
$276 million (2004 est.)

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

Imports - partners:
Trinidad and Tobago 33.7%, US 24.2%, UK 4.3% (2006)

Economic aid - recipient:
$44.87 million (2005)

Debt - external:
$347 million (2004)

Market value of publicly traded shares:
$NA

Currency (code):
East Caribbean dollar (XCD)

Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002)