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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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grenada.4
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1991-04-07
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Economy
Overview: The economy is essentially agricultural and centers
on the traditional production of spices and tropical plants.
Agriculture accounts for about 20% of GDP and 90% of exports
and employs 24% of the labor force. Tourism is the leading
foreign exchange earner, followed by agricultural exports.
Manufacturing remains relatively undeveloped, but with a
more favorable private investment climate since 1983, it
is expected to grow. Despite an impressive average annual
growth rate for the economy of 5.5% during the period 1984-88,
unemployment remains high at about 26%.
GDP: $129.7 million, per capita $1,535; real growth rate 5% (1988).
Inflation rate (consumer prices): 5.0% (1989 est.).
Unemployment rate: 26% (1988).
Budget: revenues $74.2 million; expenditures $82.3 million,
including capital expenditures of $27.8 million (1989 est.).
Exports: $31.8 million (f.o.b., 1988 est.); commodities--nutmeg
35%, cocoa beans 15%, bananas 13%, mace 7%, textiles; partners--
US 4%, UK, FRG, Netherlands, Trinidad and Tobago.
Imports: $92.6 million (c.i.f., 1988 est.); commodities--
machinery 24%, food 22%, manufactured goods 19%, petroleum 8%;
partners--US 32%, UK, Trinidad and Tobago, Japan, Canada.
External debt: $108 million (1989 est.).
Industrial production: growth rate 5.8% (1989 est.).
Electricity: 11,400 kW capacity; 24 million kWh produced,
280 kWh per capita (1989).
Industries: food and beverage, textile, light assembly operations,
tourism, construction.
Agriculture: accounts for 20% of GDP and 90% of exports;
bananas, cocoa, nutmeg, and mace account for two-thirds
of total crop production; world's second-largest producer
and fourth-largest exporter of nutmeg and mace; small-size
farms predominate, growing a variety of citrus fruits, avocados,
root crops, sugarcane, corn, and vegetables.
Aid: US commitments, including Ex-Im (FY84-88), $60 million;
Western (non-US) countries, ODA and OOF bilateral commitments
(1970-87), $61 million; Communist countries (1970-88), $32 million.
Currency: East Caribbean dollar (plural--dollars); 1 EC dollar
(EC$) = 100 cents.
Exchange rates: East Caribbean dollars (EC$) per US$1--2.70
(fixed rate since 1976).
Fiscal year: calendar year.