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• GDP: US$408.1 million (2006 estimate).
• Main exports: Nutmeg, bananas, cocoa, fruit and vegetables, clothing and mace.
• Main imports: Food, manufactured goods, machinery, chemicals and fuel.
• Main trade partners: Trinidad & Tobago, USA, St Lucia, Antigua & Barbuda, The Netherlands, St Kitts & Nevis, Dominica, Germany, UK and France.
• Main exports: Nutmeg, bananas, cocoa, fruit and vegetables, clothing and mace.
• Main imports: Food, manufactured goods, machinery, chemicals and fuel.
• Main trade partners: Trinidad & Tobago, USA, St Lucia, Antigua & Barbuda, The Netherlands, St Kitts & Nevis, Dominica, Germany, UK and France.
Economy
The main sources of employment are agriculture, construction and tourism. Grenada’s agricultural economy is centred on the production of spices; however, the importance of agriculture has been reduced over the last decade with natural disasters, declining international prices and disease affecting the sector.
There are extensive timber reserves but exploitation is being strictly controlled to prevent deforestation. The fishing industry has grown in recent years and now generates one-sixth of export earnings. There are thought to be some oil and gas deposits off the southern coast of Grenada, and attempts to locate them continue. Industry is confined to production of nutmeg oil and rum, as well as drinks, paint and paper.
Tourism (particularly stopover and cruise-ship visitors) is now the island’s leading foreign exchange earner. Hurricane Ivan in September 2004 badly damaged the tourist infrastructure. Although cruise ships have returned to Grenada and many hotels have reopened it will take some time for the industry to fully recover.
Grenada has also developed a sizeable financial services industry in recent years, but has fallen foul of global efforts to tighten regulation.
The other main source of income for the island has been remittances from the estimated 100,000 Grenadians working abroad, mainly in the USA, Canada and Europe. Grenada also relies on foreign aid from the USA, the UK, Canada and the EU. This has declined in recent years and the government has been looking elsewhere (including Libya) for financial support.
Grenada is a member of the Caribbean trade bloc, CARICOM, and the Organisation of East Caribbean States.
There are extensive timber reserves but exploitation is being strictly controlled to prevent deforestation. The fishing industry has grown in recent years and now generates one-sixth of export earnings. There are thought to be some oil and gas deposits off the southern coast of Grenada, and attempts to locate them continue. Industry is confined to production of nutmeg oil and rum, as well as drinks, paint and paper.
Tourism (particularly stopover and cruise-ship visitors) is now the island’s leading foreign exchange earner. Hurricane Ivan in September 2004 badly damaged the tourist infrastructure. Although cruise ships have returned to Grenada and many hotels have reopened it will take some time for the industry to fully recover.
Grenada has also developed a sizeable financial services industry in recent years, but has fallen foul of global efforts to tighten regulation.
The other main source of income for the island has been remittances from the estimated 100,000 Grenadians working abroad, mainly in the USA, Canada and Europe. Grenada also relies on foreign aid from the USA, the UK, Canada and the EU. This has declined in recent years and the government has been looking elsewhere (including Libya) for financial support.
Grenada is a member of the Caribbean trade bloc, CARICOM, and the Organisation of East Caribbean States.
Business Etiquette
All correspondence and trade literature is in English.
Office hours: Mon-Thurs 0800-1500; Fri 0800-1700. Government offices are generally open Mon-Fri 0800-1600 but are closed 1200-1300 for lunch.
Office hours: Mon-Thurs 0800-1500; Fri 0800-1700. Government offices are generally open Mon-Fri 0800-1600 but are closed 1200-1300 for lunch.
Conferences & Conventions
Eight hotels offer meeting facilities, seating from 25 to 300 persons. For details, contact Grenada Board of Tourism (see Contact Addresses).
Business Contacts
Grenada Chamber of Industry and Commerce
PO Box 129, Decaul Building, Mount Gay, St George’s, Grenada
Tel: 440 2937 or 8858.
Website: www.spiceisle.com
PO Box 129, Decaul Building, Mount Gay, St George’s, Grenada
Tel: 440 2937 or 8858.
Website: www.spiceisle.com