Economy - overview:
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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 remained stagnant in 2010-12 after a sizeable contraction in 2009, because of the global economic slowdown's effects on tourism and remittances.
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GDP (purchasing power parity):
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$1.471 billion (2012 est.)
country comparison to the world: 197
$1.463 billion (2011 est.)
$1.457 billion (2010 est.)
note:
datum is in 2011 US dollars
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GDP (official exchange rate):
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$851 million (2012 est.)
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GDP - real growth rate:
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0.5% (2012 est.)
country comparison to the world: 176
0.4% (2011 est.)
-1.3% (2010 est.)
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GDP - per capita (PPP):
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$14,100 (2012 est.)
country comparison to the world: 95
$14,000 (2011 est.)
$14,000 (2010 est.)
note:
data are in 2012 US dollars
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GDP - composition by sector:
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agriculture: 5.4%
industry:
12.6%
services:
81.9% (2012 est.)
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Labor force:
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47,580 (2008)
country comparison to the world: 194
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Labor force - by occupation:
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agriculture: 11%
industry:
20%
services:
69% (2008 est.)
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Unemployment rate:
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25% (2008)
country comparison to the world: 173
12.5% (2000)
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Population below poverty line:
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38% (2008)
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%:
NA%
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Budget:
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revenues: $175.3 million
expenditures:
$215.9 million (2009 est.)
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Taxes and other revenues:
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20.6% of GDP (2009 est.)
country comparison to the world: 156
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Budget surplus (+) or deficit (-):
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-4.8% of GDP (2009 est.)
country comparison to the world: 153
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Public debt:
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110% of GDP (2012 est.)
country comparison to the world: 14
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Inflation rate (consumer prices):
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3.2% (2012 est.)
country comparison to the world: 82
3% (2011 est.)
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Central bank discount rate:
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6.5% (31 December 2009)
country comparison to the world: 53
6.5% (31 December 2008)
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Commercial bank prime lending rate:
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10.4% (31 December 2012 est.)
country comparison to the world: 81
10.68% (31 December 2011 est.)
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Stock of narrow money:
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$137.8 million (31 December 2012 est.)
country comparison to the world: 179
$123.3 million (31 December 2011 est.)
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Stock of broad money:
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$715.6 million (31 December 2012 est.)
country comparison to the world: 172
$687.9 million (31 December 2011 est.)
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Stock of domestic credit:
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$793.2 million (31 December 2012 est.)
country comparison to the world: 163
$744.9 million (31 December 2011 est.)
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Market value of publicly traded shares:
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$NA
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Agriculture - products:
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bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
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Industries:
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food and beverages, textiles, light assembly operations, tourism, construction
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Current account balance:
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-$217.2 million (2011 est.)
country comparison to the world: 79
-$221 million (2010 est.)
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Exports:
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$36.36 million (2011 est.)
country comparison to the world: 203
$30.31 million (2010 est.)
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Exports - commodities:
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nutmeg, bananas, cocoa, fruit and vegetables, clothing, mace
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Exports - partners:
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St. Lucia 19.8%, Antigua and Barbuda 13.5%, St. Kitts and Nevis 12.1%, Dominica 12.1%, US 10.2% (2011)
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Imports:
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$296.3 million (2011 est.)
country comparison to the world: 201
$284.4 million (2010 est.)
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Imports - commodities:
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food, manufactured goods, machinery, chemicals, fuel
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Imports - partners:
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Trinidad and Tobago 43.2%, US 19% (2011)
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Debt - external:
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$538 million (2010 est.)
country comparison to the world: 168
$542 million (2009 est.)
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Exchange rates:
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East Caribbean dollars (XCD) per US dollar -
2.7 (2012 est.)
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)
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Fiscal year:
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calendar year
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