Economy
Economy—overview: In this island economy progress in fiscal reforms and prudent macroeconomic management have boosted annual growth to nearly 5% in 1997-98. The increase in economic activity has been led by construction and trade. Tourist facilities are being expanded; tourism is the leading foreign exchange earner. Major short-term concerns are the rising fiscal deficit and the deterioration in the external account balance. Grenada shares a common central bank and a common currency with seven other members of the Organization of Eastern Caribbean States (OECS).
GDP: purchasing power parity—$340 million (1998 est.)
GDP—real growth rate: 5% (1998 est.)
GDP—per capita: purchasing power parity?$3,500 (1998 est.)
GDP—composition by sector: agriculture: 9.7% industry: 15% services: 75.3% (1996 est.)
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 1.4% (1998)
Labor force: 36,000