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Grenada Economy
 
 
 

General

Economic progress in fiscal reforms and prudent macroeconomic management have boosted annual growth to 5%-6% in 1998-99; the increase in economic activity has been led by construction and trade. Tourist facilities are being expanded; tourism is the leading foreign exchange earner. Major short-term concerns are the rising fiscal deficit and the deterioration in the external account balance. Grenada shares a common central bank and a common currency (the East Caribbean dollar) with seven other members of the Organisation of Eastern Caribbean States (OECS).

Grenada is a leading producer of several different spices. Cinnamon, cloves, ginger, mace, allspice, orange/citrus peels, wild coffee used by the locals, and especially nutmeg, providing 20% of the world supply, are all important exports. The nutmeg on the nation's flag represents the economic crop of Grenada; the nation is the world’s second largest producer of nutmeg, after Indonesia.

The island has also pioneered the cultivation of organic cocoa which is also processed into finished bars by the Grenada Chocolate Company.

Manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export.

Tourism is Grenada’s main economic force. Tourism is concentrated in the southwest of the island, around St George's, Grand Anse, Lance Aux Epines, and Point Salines. Grenada has many idyllic beaches around its coastline including the 3 km (1.9 mi) long Grand Anse Beach in St George's which is considered to be one of the finest beaches in the world, and often appears in countdowns of the world's top 10 beaches.

Overview

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

GDP (purchasing power parity) :
$1.127 billion (2010 est.)

GDP (official exchange rate) :
$645 million (2010 est.)

GDP - real growth rate :
0.8% (2010 est.)


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