View the information below regarding the economy of Grenada. The summary and statistics contains
gdp, industry, agriculture and more for Grenada. If you need other information please visit the
Grenada Country Page.
GDP (2002 est.): EC $674.9 million.
GDP growth rate (2002 est.): 0.6%.
Per capita GDP (2002): EC $9,134.
Agriculture: Products--nutmeg, mace, cocoa, bananas, other fruits, vegetables.
Industry: Types--manufacturing, hotel/restaurant, construction.
Trade (2002): Merchandise exports--EC $57.8 million: nutmeg, mace, cocoa, bananas, other fruits, vegetables, fish. Major markets--U.K., U.S., CARICOM countries, Germany, Netherlands. Merchandise imports--EC $629.8 million: food, machinery, transport, manufactured goods, fuel. Major suppliers--U.S. (36.6%), CARICOM countries, U.K., Japan.
Exchange rate: U.S.$1=EC$2.67.
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.
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.
Grenada also is a member of the Caribbean Community and Common Market (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.