@Grenada:Economy
Economy-overview: The agriculturally based economy was hurt in 1996 by the emergence of the pink mealy bug, which destroyed much of the cocoa harvest. Bananas, a major foreign exchange earner, also suffered due to falling prices, low production, and poor quality. Tourism, the leading foreign exchange earner, continued to do well, as did manufacturing. Construction boomed in 1996 due to concessions for low and middle income mortgages. The government introduced a 5% tax on electricity and telephones and doubled the general consumption tax, which caused a small rise in the inflation rate. The tourist industry faces stiff competition over the next few years.
GDP: purchasing power parity-$300 million (1996 est.)
GDP-real growth rate: 3.1% (1996 est.)
GDP-per capita: purchasing power parity-$3,200 (1996 est.)
GDP-composition by sector: agriculture: 10.2% industry: 40.3% services: 49.5% (1994 est.)
Inflation rate-consumer price index: 3.2% (1996 est.)
Labor force: total: 36,000 by occupation: services 31%, agriculture 24%, construction 8%, manufacturing 5%, other 32% (1985)
Unemployment rate: 20% (1 October 1996)
Budget: revenues: $75.7 million (1996 est.) expenditures: $126.7 million, including capital expenditures of $51 million (1996 est.)