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Grenada

Economy

yams, cassava, root vegetables, citrus fruits, cacao

Agriculture and tourism provide the foundation of Grenada’s economy. Grenada’s gross domestic product (GDP) in 2006 was $524.9 million, giving a per capita GDP of $4,060. (GDP is a measure of the value of all the goods and services a country produces.) The principal export crops are the spices nutmeg and mace. Grenada is the world’s second largest producer of nutmeg after Indonesia. Other crops grown for export include cacao, citrus fruits, bananas, cloves, and cinnamon. Most farms on Grenada are small. Cereal grains and root vegetables, such as cassava and yams, are grown for local use. Shrimp and fish also are part of the local diet.

Tourism is of growing importance to Grenada’s economy. The island has a pleasant climate, sandy beaches, and lush tropical forests. The expansion of the main airport and the improvement of hotel accommodations during the 1990s turned tourism into the country’s main source of revenues. Grenada uses the East Caribbean dollar of 100 cents (2.70 East Caribbean dollars equal U.S.$1;).

Manufacturing industries in Grenada are mostly on a small scale. They produce beverages, such as rum from sugarcane grown on the island, and beer; foodstuffs, such as flour from locally grown wheat; and textiles. Another industry is the assembly of electronic parts for export.



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