NationMaster - Encyclopedia: Economy of Grenada

The economy of Grenada is based upon agricultural production (nutmeg, mace, cocoa, and bananas) and tourism. Agriculture accounts for over half of merchandise exports, and a large portion of the population is employed directly or indirectly in agriculture. Recently the performance of the agricultural sector has not been good. Grenada's banana exports declined markedly in volume and quality in 1996, and it is a question to what extent the country will remain a banana exporter. Tourism remains the key earner of foreign exchange. Species About 100 species, including: Myristica argentea Myristica fragrans Myristica malabarica The nutmegs Myristica are a genus of evergreen trees indigenous to tropical southeast Asia and Australasia. ... Species About 100 species, including: Myristica argentea Myristica fragrans Myristica malabarica The nutmegs Myristica are a genus of evergreen trees indigenous to tropical southeast Asia and Australasia. ... Cocoa may refer to either the dried and partially fermented fatty seeds of the cacao tree, which are used to make chocolate; or, more usually in the United States, to cocoa powder, the dry powder made by grinding the seeds and removing the cocoa butter. ... Species Hybrid origin; see text A banana is a tree-like plant (though strictly a herb) of the genus Musa in the family Musaceae, closely related to plantains. ... 1996 is a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ...

Grenada is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries. The Eastern Caribbean Central Bank is the monetary authority of a group of six Caribbean nations namely, St Kitts and Nevis, Antigua and Barbuda, Commonwealth of Dominica, St Lucia, St Vincent and the Grenadines, Grenada and two overseas territories of the U.K namely, Anguilla, Montserrat. ...

Grenada also is a member of the Caribbean Community (CARICOM). Most goods can be imported into Grenada under open general license but some goods require specific licenses. Goods that are produced in the Eastern Caribbean receive additional protection; in May 1991, the CARICOM common external tariff (CET) was implemented. The CET aims to facilitate economic growth through intra-regional trade by offering duty-free trade among CARICOM members and duties on goods imported from outside CARICOM. The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas [1] which came into effect on August 1, 1973. ... 1991 is a common year starting on Tuesday of the Gregorian calendar. ...

GDP: purchasing power parity - $360 million (1999 est.) In economics, purchasing power parity (PPP) is a method used to calculate an alternative exchange rate between the currencies of two countries. ... 1999 is a common year starting on Friday Anno Domini (or the Current Era), and was designated the International Year of Older Persons by the United Nations. ...

GDP - per capita: purchasing power parity - $3,700 (1999 est.) Per capita is a Latin phrase meaning for each head. ...

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

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

Labor force - by occupation: services 62%, agriculture 24%, industry 14% (1999 est.)

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

Electricity - production by source: fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)

Agriculture - products: bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, maize, vegetables Species Hybrid origin; see text A banana is a tree-like plant (though strictly a herb) of the genus Musa in the family Musaceae, closely related to plantains. ... Cocoa may refer to either the dried and partially fermented fatty seeds of the cacao tree, which are used to make chocolate; or, more usually in the United States, to cocoa powder, the dry powder made by grinding the seeds and removing the cocoa butter. ... Species About 100 species, including: Myristica argentea Myristica fragrans Myristica malabarica The nutmegs Myristica are a genus of evergreen trees indigenous to tropical southeast Asia and Australasia. ... Assorted maces This article is about the personal weapon and its ceremonial derivative, for other meanings of mace please see mace (disambiguation) An advance on the club, a mace is a wooden, metal-reinforced, or metal shaft, with a head made of stone, copper, bronze, iron or steel. ... Species & major hybrids Species Citrus maxima - Pomelo Citrus medica - Citron Citrus reticulata - Mandarin & Tangerine Major hybrids Citrus x aurantifolia - Lime Citrus x aurantium Citrus x hystrix - Kaffir Lime Citrus x ichangensis - Ichang Lemon Citrus x limetta Citrus x limon - Lemon Citrus x limonia - Rangpur Citrus x paradisi - Grapefruit Citrus x... Avocados taste rank and discusting. ... Species Saccharum arundinaceum Saccharum bengalense Saccharum edule Saccharum officinarum Saccharum procerum Saccharum ravennae Saccharum robustum Saccharum sinense Saccharum spontaneum Sugarcane or Sugar cane (Saccharum) is a genus of between 6-37 species (depending on taxonomic interpretation) of tall grasses (family Poaceae, tribe Andropogoneae), native to warm temperate to tropical regions... Binomial name Zea mays L. Maize (Zea mays ssp. ...

Exports - commodities: bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace Species Hybrid origin; see text A banana is a tree-like plant (though strictly a herb) of the genus Musa in the family Musaceae, closely related to plantains. ... Cocoa may refer to either the dried and partially fermented fatty seeds of the cacao tree, which are used to make chocolate; or, more usually in the United States, to cocoa powder, the dry powder made by grinding the seeds and removing the cocoa butter. ... Species About 100 species, including: Myristica argentea Myristica fragrans Myristica malabarica The nutmegs Myristica are a genus of evergreen trees indigenous to tropical southeast Asia and Australasia. ... Assorted maces This article is about the personal weapon and its ceremonial derivative, for other meanings of mace please see mace (disambiguation) An advance on the club, a mace is a wooden, metal-reinforced, or metal shaft, with a head made of stone, copper, bronze, iron or steel. ...

Exports - partners: Caricom 32.3%, United Kingdom 20%, United States 13%, Netherlands 8.8% (1991) The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas which came into effect on August 1, 1973. ...

Imports - commodities: food, manufactured goods, machinery, chemicals, fuel (1989)

Imports - partners: United States 31.2%, Caricom 23.6%, United Kingdom 13.8%, Japan 7.1% (1991) The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas which came into effect on August 1, 1973. ...

Economic aid - recipient: $8.3 million (1995) Foreign aid, international aid or development assistance is when one country helps another country through some form of donation. ...

Currency: 1 East Caribbean dollar (EC$) = 100 cents The East Caribbean Dollar is the currency of eight political units in the Caribbean Sea. ...

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