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.
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 2002.
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 capital.
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.
According to Countryaah, 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 Tobago.
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.