An Overview of the Economy
Grenada has a large agricultural economy with sugar cane and
spices accounting for a large proportion of the
economy's exports. The government is turning its attentions to
develop the country's tourist industry. New developments are being
pushed which are creating more jobs for construction workers and
those left unemployed from the hurricane Ivan disaster in 2004. The
economy is very dependant on international trade and finances for
the development and modernisation of the island.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
1.1 |
| GDP (PPP) (CIA) (US$Billions) |
1.1 |
| GDP Growth (IMF) (%) |
3.1% |
| GDP Growth (CIA) (%) |
3.1% |
| GDP Per Capita (PPP) (IMF) (US$) |
10,455 |
| GDP Per Capita (PPP) (CIA) (US$) |
10,500 |
| GDP by Sector (%) |
Agriculture: 5.4%
Services: 76.7%
Industry: 18% |
| Inflation (%) |
3.7% |
| Population Below the Poverty Line (%) |
32% |
| Labour Force (Millions) |
0.42 |
| Labour Force by Occupation (%) |
Agriculture: 24%
Services: 62%
Industry: 14% |
| Unemployment (%) |
12.5% |
| Main Industries |
Food and beverages, textiles, light
assembly operations, tourism, construction. |
Sources: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
0.44 |
0.44 |
0.47 |
0.52 |
0.59 |
| GDP Growth (%) |
5.8% |
-3.0% |
1.5% |
6.5% |
3.1% |
| GDP Per Capita (US$) |
4,228 |
4,200 |
4,512 |
4,895 |
5,570 |
| GDP Per Capita (PPP) (US$) |
7,973 |
8,007 |
8,198 |
8,863 |
10,500 |
| Inflation (%) |
2.2% |
2.5% |
6.0% |
2.0% |
3.7% |
| Mobile Phone Users |
976 |
7,600 |
7,600 |
43,300 |
46,200 |
| Internet Users |
5,200 |
15,000 |
15,000 |
19,000 |
19,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
Grenada's main imports and exports are agriculture and tourism.
The main agriculture exports consist of fresh fruit and cocoa
followed by nutmeg and bananas. Rather than exporting to other
Caribbean islands, Grenada exports to bigger international
countries such as the United States, Canada and Europe. Food is the
island's main import, to cater for the tourists, imported by
Grenada from predominantly Westernised countries such as Britain
and the United States. The island imported $343 million worth of
goods in 2006, a significant difference to its total exports which
only amounted to $38 million.
Major exports 2007
Bananas, cocoa, nutmeg, fruit and vegetables, clothing,
mace.
major imports 2007
Food, manufactured goods, machinery, chemicals, fuel.
| export partners |
% of total |
| St Lucia |
18.8% |
| Antigua & Barbuda |
12.8% |
| St Kitts & St Nevis |
11.5% |
| Dominica |
11.4% |
| US |
11.4% |
| import partners |
% of total |
| Trinidad & Tobago |
33.7% |
| US |
24.2% |
| UK |
4.3% |
Source: CIA World Factbook
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