Part 340

Economy

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% (1996 est.)

GDP - per capita: purchasing power parity - $3,160 (1996 est.)

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

Inflation rate - consumer price index: 2.6% (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: 17,300 kW (1995)

Electricity - production: 88 million kWh (1995)

Electricity - consumption per capita: 794 kWh (1995 est.)

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 - 2.70 (fixed rate since 1976)

Fiscal year: calendar year

@Grenada:Communications

Telephones: 5,650 (1988 est.)

Telephone system: automatic, islandwide telephone system domestic: interisland VHF and UHF radiotelephone links international: new SHF radiotelephone links to Trinidad and Tobago and Saint Vincent; VHF and UHF radio links to Trinidad

Radio broadcast stations: AM 1, FM 0, shortwave 0

Radios: 80,000 (1993 est.)