economics
Overview: While these industries are not fully developed, the economy of Grenada is still highly dependent on agriculture and tourism. Hurricane ‘Ivan’ in Sept 2004 brought destructive impact on the agricultural sector of Grenada which in turn impacted other sectors. After the international financial crisis broke out, the tourism revenue of Grenada depreciated greatly. The government of Grenada has now placed great emphasis on restoring the economy.
Macroscopic Economic Data of 2012:
Industry: The industry is not fully developed as there is still a lot of potential for growth. There are however a few manufacturing industries including processing of agricultural products, beverages, wine brewing, clothing , mining, etc. The output value of industry (including mining, manufacturing and construction industry) in 2002 accounted for 21.1% of GDP for the whole year and employees accounted for 23.9%. The output value of the manufacturing industry in 2003 accounted for 6.4% of GDP for the whole year.
Agriculture, animal husbandry and fishery: The major agricultural plants produced in Grenada include nutmegs, banana, cocoa, coconut and sugarcane, with the main three exported agricultural products being nutmegs ,cocoa and banana. Grenada in recent times was the second largest country for producing nutmegs and has acquired the title the ‘isle of spice’. The output of nutmeg covers about one-third of the total output worldwide. After the massive destruction brought to Grenada by hurricane ‘Ivan’ in 2004 which negatively impacted the production of nutmegs, Grenada's government has been devoted to restoring the agricultural production of all its major crops placing special emphasis on the nutmegs.
Tourism: The tourism sector is a very important part of Grenadian economy. After the international financial crisis broke out, the tourism industry of Grenada suffered greatly. The situation has however been improving since 2010. In 2011, the boarding tourists in Grenada totaled 116,000 while the tourists by cruise totaled 319,000, this has increased by 5.4% and -4.2% compared with that of the last year.
Finance: The offshore financial industry has developed in Grenada and currently there are 859 companies engaged in this. The foreign exchange reserve is USD 19,000,000 and the foreign debt (2003) is USD 274,500,000. As it relates to foreign trade the country mainly exports nutmeg, banana, cocoa and imports processed foods, machinery, transportation, equipment and basic manufactured goods. There has been a huge deficit in the amount of trading every year. The island's main trading partners include, but are not limited to Britain, America and Trinidad & Tobago.
The import and export situation from 2002 to 2004 is as follows (unit: one million US dollar):
Economic groups: (1) Grenada Chamber of Industry and Commerce, Inc., established in 1921. (2) Grenada Co-Operative Nutmeg Association, established in 1947.
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