Economy—overview: In this island economy progress in fiscal reforms and prudent macroeconomic management have boosted annual growth to nearly 5% in 1997-98. 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 with seven other members of the Organization of Eastern Caribbean States (OECS).

GDP: purchasing power parity—$340 million (1998 est.)

GDP—real growth rate: 5% (1998 est.)

GDP—per capita: purchasing power parity—$3,500 (1998 est.)

GDP—composition by sector:
agriculture: 9.7%
industry: 15%
services: 75.3% (1996 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 1.4% (1998)

Labor force: 36,000

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

Unemployment rate: 20% (1 October 1996)

Budget:
revenues: $85.8 million
expenditures: $102.1 million, including capital expenditures of $28 million (1997)

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

Industrial production growth rate: 0.7% (1997 est.)

Electricity—production: 70 million kWh (1996)

Electricity—production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996)

Electricity—consumption: 70 million kWh (1996)

Electricity—exports: 0 kWh (1996)

Electricity—imports: 0 kWh (1996)

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

Exports: $22 million (1997)

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

Exports—partners: Caricom 32.3%, UK 20%, US 13%, Netherlands 8.8% (1991)

Imports: $166.5 million (1997)

Imports—commodities: food 25%, manufactured goods 22%, machinery 20%, chemicals 10%, fuel 6% (1989)

Imports—partners: US 31.2%, Caricom 23.6%, UK 13.8%, Japan 7.1% (1991)

Debt—external: $74 million (1997 est.)

Economic aid—recipient: $8.3 million (1995)

Currency: 1 East Caribbean dollar (EC$) = 100 cents

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

Fiscal year: calendar year