Since 1983, Grenada's economic policies have been
characterized by liberalization and emphasis on market
management. The country's economy is still largely based on
agriculture, but service industries have become increasingly
important, and in 2002 accounted for 70% of the country's
GDP. Blue. the tourism industry has become increasingly
important, and since the latter part of the 1990s, efforts
have also been made to get foreign banks and other
businesses to establish themselves in the country.
countryaah, gross national income per capita in 2002 was USD 5000.
Unemployment is constantly high and the economy is strained
with large current account deficits abroad. The country is
dependent on loans and assistance from, among other things.
World Bank and International Monetary Fund (IMF).
Agriculture and fishing include approx. 10% of GDP (2002)
and employs 14% of the working population (2002). Grenada is
the world's second largest producer of nutmeg and nutmeg
(after Indonesia). Other important export products are
bananas and cocoa, but production varies from year to year
due to varying weather conditions and diseases. On the
plains along the coast, sugarcane is grown on a smaller
scale. Lime (lemon) is grown both on the main island of
Grenada and Carriacou, and on Carriacou also cotton. The
rest of the agricultural area is used for growing a variety
of fruits and vegetables. Caring is important at Carriacou.
Fishing contributed approx. 7% of export revenues in
In 2002, the industry contributed 6% of GDP and employed
just over 7% of the working population. Production includes
little other than processing and processing of agricultural
products and the production of clothing, spice products
(including nutmeg oil) and electronic components. The fish
processing industry is under development with Japanese
Tourism has long been the fastest growing part of the
economy, but after 2000 there has been a decline in cruise
ship traffic. Scenic scenery with white beaches and
mountainous inland with rainforest, as well as a
historically interesting capital are the main causes of
tourist growth. Most tourists come from the United States,
the United Kingdom and other Caribbean countries.
The export value comprises only 35% of the import value
(2002). Nutmeg, bananas, rum and electronic products are
among the most important export goods. Main trading partners
are the United States, the United Kingdom and Trinidag and
Transport and Communications
The road network is a total of approx. 1100 km of which
2/3 is paved. Grenada has no
railroad. International Airport is at Point Salines 10 km
from St. George's city center. There is a smaller airport at
Lauriston on Carriacou. St. George's is the main port city.
Communication between Grenada and Carriacou takes place by
boat and plane.