FAX: [1] (473) 444-4820
Flag description:
a rectangle divided diagonally into yellow triangles (top and bottom) and green triangles (hoist side and outer side), with a red border around the flag; there are seven yellow, five-pointed stars with three centered in the top red border, three centered in the bottom red border, and one on a red disk superimposed at the center of the flag; there is also a symbolic nutmeg pod on the hoist-side triangle (Grenada is the world's second-largest producer of nutmeg, after Indonesia); the seven stars represent the seven administrative divisions
Economy ::Grenada
Economy - overview:
Grenada relies on tourism as its main source of foreign exchange especially since the construction of an international airport in 1985. Hurricanes Ivan (2004) and Emily (2005) severely damaged the agricultural sector - particularly nutmeg and cocoa cultivation - which had been a key driver of economic growth. Grenada has rebounded from the devastating effects of the hurricanes but is now saddled with the debt burden from the rebuilding process. Public debt-to-GDP is nearly 110%, leaving the THOMAS administration limited room to engage in public investments and social spending. Strong performances in construction and manufacturing, together with the development of tourism and an offshore financial industry, have also contributed to growth in national output; however, economic growth will likely slow in 2009 because of the global economic slowdown's effects on tourism and remittances.
GDP (purchasing power parity):
$1.19 billion (2008 est.) country comparison to the world: 194 $1.165 billion (2007 est.)
$1.11 billion (2006 est.)
note: data are in 2008 US dollars