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Grenada Grenada

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Grenada – Quick View
ECR score19.44 (Mar 2011)
ECR rank162 (Mar 2011)
Economic
GDP (2009)USD 0.61 billion
GNI per capita PPP (2010)USD 7,998
FDI inflow (2009)USD 90.9 million
Inflation (August 2010)0.23%
Central bank assets (2010)USD 1,056.31 million
Unemployment rate (2010)29%
Government deficit (June 2010)USD 6.37 million
Tax revenue (Q2 2010)USD 39.46 million
Political
Government typeParliamentary Democratic
Recent political crisisNA
Economic freedom scoreNA
Freedom of information scoreNA
Corruption perception indexNA
Structural
Birth rate19.4 per ‘000
Population balanceUnder 14 years – 27.4%
Population balanceOver 65 years – 8.5%
Life expectancy yearsMales – 73.7 years
Life expectancy yearsFemales – 76.8 years
Mortality rate6.18 per ‘000
Literacy rate96%
Internet access25.2%

[Top] Economic Overview

Gross Domestic Product (GDP)

Grenada’s GDP at current prices in 2009 wasXCD 1.66 billion, compared to XCD 1.83 billion in 2008. Furthermore, the IMF estimated the GDP at current prices for 2010 at XCD 1.74 billion.

Grenada GDP and GDP growth rate

(Source: eclac.cl)

GDP per capita

In 2009, the GDP per capita at current prices was USD 6,029, compared to USD 6,553 in 2008.

Grenada GDP per capita

(Source: World Bank)

GNI per capita (PPP)

Grenada’s GNI per capita PPP in 2010 was USD 7,998, compared to USD 8,204 in 2005.

(Source: UNDP)

Tax rates

Income tax

The tax rate on individual income in Grenada is 30%.

(Source: taxrates.cc)

Corporate tax

The corporate tax is levied at 30% on companies in Grenada.

(Source: taxrates.cc)

Value added tax (VAT)

Value added tax in the country is charged in the form of a General Consumption Tax (GCT) at the rate of 10%.


(Source:
taxrates.cc)

Inflation

The average inflation rate in August 2010 was 0.23%, decreasing slightly from the previous years's 0.24%.

Grenada Inflation Rate

(Source: eccb-centralbank.org, page: 4)

Foreign direct investment (FDI) inflow

In 2009, foreign direct investment (FDI) in Grenada declined by about 36% from the previous year. FDI in 2009 was amounted to USD 90.9 million.

Grenada FDI

(Source: eclac.cl)

Portfolio investment inflow

In 2009, portfolio investment income of Grenada was USD 2.2 million, increasing from USD 2 million in 2008.

Grenada Portfolio Investment

(Source: eclac.cl)

Central bank assets

 

Commercial Bank Assets (XCD million)

 

Dec 2010

Dec 2009

Cash

43.45

42.30

Statutory reserves and deposits

129.43

126.31

Claims on other local banks

0.23

1.03

Claims on other ECCB area banks

168.82

123.26

Loans and advances

2,003.13

1,942.48

Treasury bills

33.04

33.04

Government securities

64.24

59.31

Foreign assets

191.72

234.49

Other assets

197.99

222.58

Total assets

2,832.06

2,783.88

(Source: eccb-centralbank.org)

[Top] Financial Indicators & Government Financial

Consumer price index (CPI)

The consumer price index of all items in the country in August 2010 was 135.68, compared to 127.09 in August 2009.

Grenada Consumer Price Index

Base: Year 2001 = 100
(Source: eccb-centralbank.org, page: 4)

Interest rates

At the end of June 2009, the average weighted deposit rate was 3.1%.

(Source: eccb-centralbank.org)

 

Interest rate (%)

 

2008

2007

Savings

3 to 4

3 to 4

Time Deposit

3 months

1 to 4

1 to 4

6 months

1 to 4.5

1 to 4.5

12 months

1 to 5

1 to 5

Prime lending

8.5 to 10.5

8.5 to 14

Other lending rates

5.38 to 16

5.38 to 16

(Source: eccb-centralbank.org)

Money supply

Money supply in December 2010 was XCD 342.29 million, compared to XCD 332.27 million in December 2009.

Grenada Money Supply

(Source: eccb-centralbank.org)

Government expenditure

Central government total expenditure between January and June 2010 was XCD 206.74 million, declining 0.75% compared to same period of previous year.

 

Central government expenditure (XCD million)

 

2010 (Jan – June)

2009 (Jan – June)

Personal Emoluments

96.36

95.23

Goods and Services

53.31

45.76

Interest Payments

18.54

19.24

Transfers and Subsidies

38.53

48.07

Capital Expenditure

53.88

64.5

Current Expenditure

206.74

208.3

(Source: eccb-centralbank.org, page: 88)

Public debt

Gross government debt in 2008 was registered at XCD 1.87 billion, compared to XCD 1.83 billion in 2007.

Grenada Public debt

(Source: IMF)

Official exchange rate

In 2009, the official exchange rate of the Eastern Caribbean dollar per US dollar was 2.70, remaining unchanged from 2008.Grenada Exchange Rate

(Source: oecs.org)

Government finances

Fiscal balance

Government fiscal balance between Jan and June 2010 was a deficit of XCD 17.21 million, compared to a fiscal deficit of XCD 48.75 million for the same period of previous year.

Grenada Fiscal Balance

(Source: eccb-centralbank.org, page: 88)

Total revenue

Central government total revenue betwen January and June 2010 was XCD 215.99 million, declining 1.2% from the previous year of XCD 218.53 million.

 

Central government revenue (XCD million)

 

2010 (Jan – June)

2009 (Jan – June)

Tax Revenue

202.27

205.75

Taxes on Income and Profits

40.77

51.31

Taxes on Property

11.44

13.60

Taxes on Domestic Goods and Services

51.11

43.17

Taxes on International Trade and Transactions

98.96

97.67

Non-Tax Revenue

13.72

12.78

Capital Revenue

0.07

0.08

Current Revenue

215.99

218.53

(Source: eccb-centralbank.org, page: 88)

Tax revenue

Total tax revenue in Q2 2010 was XCD 106.32 million, compared to XCD 95.96 million during same period of previous year.

Grenada Tax Revenue

(Source: eccb-centralbank.org, page: 88)

Total grants

Between January and June 2010, total grants amounted to XCD 27.35 million, drastically increasing from the previous year's XCD 5.43 million.

(Source: eccb-centralbank.org)

Current account balance

The current account balance in 2010 was estimated at -25.01% of the GDP, compared to -25.68% in 2009.

Grenada Current Account Balance

(Source: IMF)

Balance of payments

 

Balance of Payments (XCD million)

 

2010

2009

Current account

-674.17

-578.14

Goods and services

-651.54

-501.78

Income

-125.59

-178.15

Current transfers

102.96

101.79

Capital account

100.38

104.42

Financial account

513.41

475.41

Net errors and omissions

42.17

68.06

Overall balance

-18.21

69.75

(Source: eccb-centralbank.org)

[Top] Labour Force and Employment Overview

Labour force

Grenada’s labour force in the year 2008 was 47,581 individuals. Of the total labour force, 23,493 were males and the remaining 24,088 were females.

The labour force participation rate in 2008 was registered at 62%. Specifically, the participation rate for males and females was registered at 67% and 56% respectively.

(Source: grenadaidc.com)

 

Employment by Industry, 2010

Agriculture

750

Manufacturing

1,272

Electricity and Water

632

Construction

1,773

Wholesale and Retail

4,281

Hotel and Restaurant

1,973

Transportation

1,366

Banking

1,350

Real Estate

1,630

Communication services

6,227

Personal and Household services

659

Recreation

229

Public Administration

4,338

Sanitary and Other services

112

Room Cleaning and Maintenance

2,957

(Source: grenadaidc.com)

Unemployment rate

The unemployment rate in 2008 was recorded at 25%. However, the youth unemployment rate was much higher at 36%. Specifically, the unemployment rate of males and females were recorded at 18% and 32% respectively.

The latest unemployment rate in the country is estimated to be about 29%.

(Source: grenadaidc.com, gov.gd)

Minimum wage

The minimum monthly wage for a 19-year old worker or an apprentice in the country is about USD 225.3

(Source: doingbusiness.org)

Level of unionisation

Various trade unions in the country are :

  • Bank and General Workers Union

  • Commercial and Industrial Workers Union

  • Grenada Public Workers Union

  • Grenada Trade Union Council

  • Grenada Seamen and Waterfront Workers Trade Union

  • Grenada Technical and Allied Workers Union

  • Grenada Union of Teachers

(Source: workersunion.org.tt)

[Top] Political Stability

Grenada operates under a constitutional monarchy. Thus, Queen Elizabeth II is the Head of State and is represented by the governor general. The prime minister is the head of government, and is the leader of the majority party in parliament or leader of the coalition. Additonally, all the executive powers in the country are vested with the Prime Minister and the cabinet.

Grenada’s parliament is bicameral and consists of the Senate and the House of Representatives. The House of Representatives consists of 15 members, who are directly elected for a term of five years. The Senate includes 13 members, who are appointed by the Governor General.

(Source: estandardsforum.org, Government of Grenada)

Major political parties in the country are:

  • National Democratic Congress (NDC)
  • New National Party (NNP)
  • Grenada United Labour Party (GULP)

(Source: state.gov)

Regulatory environment in Grenada

Government in Grenada is based on the Parliamentary Democratic framework, which means that the head of the state in Grenada is the representative of the people, chosen by the people and is bound to govern by the constitutional law.

The country was not included in the Economic Freedom Index of 2011.

(Source:Heritage.org)

Corruption perception

Grenada is not included in the Corruption Perceptions Index (CPI) of 2010.

(Source:transparency.org)

Freedom of information

Media in the country is independent, and its rights are safeguarded by law.

Grenada is not included in the Press Freedom Index of 2010.

(Source: rsf.org)

There are no daily newspapers, only weekly.

(Source: estandardsforum.org, BBC)

Newspapers

  • The Grenada Guardian – weekly, mouthpiece of Grenada United Labour Party
  • The Grenada Informer – weekly
  • The Grenada Times – weekly
  • Grenada Today – weekly
  • The Grenadian Voice – weekly

(Source: BBC)

Judicial system

The judicial system in Grenada is independent of the other areas of government. The judiciary is based on the English system and also includes principles and practices from English common law. As Grenada is a member nation of the Eastern Caribbean States, it shares a single supreme court, the Eastern Caribbean Supreme Court.

The Chief Justice heads the Supreme Court. Other courts include the High Court of Justice and the Court of Appeal. Two judges of High Court are based in the country itself, while the judges of court of appeal reside in Saint Lucia and travel to Grenada to hear the appeals from the high court.

The Judicial Committee of the Privy Council in London, England is the country’s court of last appeal.

(Source: Government of Grenada)

[Top] Demographic Overview

The total population of Grenada in 2010 was 104,000, increasing 0.36% from 2005 to 2010.

(Source: eclac.cl)

Gender ratio

In 2010, out of the total population of 104,000 million, 52,000 were females and 52,000 were males.  Hence, the gender ratio was completely balanced.

Grenada Population by Gender

(Source: eclac.cl)

Population by age group

In 2010, 38.7% of the population were between 15 to 34 years of age, followed by 27.4% below 14 and 8.5% of the population lies above 65.

Grenada Population by age group

(Source: eclac.cl)

Mortality rate

The mortality rate in the country for the period of 2005 to 2010 was 6.18 per thousand inhabitants. Additonally, for the same period, infant mortality rate was registered at 13.4 per thousand live births.

(Source: eclac.cl, UN)

Birth rate

Birth rate in the country between 2005 and 2010 was recorded at 19.4 per thousand populations. However, between 2000 to 2005, the birth rate was 18.9 per thousand populations.

(Source: eclac.cl)

Average life expectancy

Average life expectancy at birth between 2005 and 2010 was 75.3 years. Specifically, life expectancy for males and females in the same period was 73.7 years and 76.8 years respectively.

(Source: eclac.cl)

Ethnic environment

Ethnic groups in Grenada include:

  • African
  • South Asians (East Indians)
  • Europeans
  • Arawak/Carib Indian

Religions followed in the country include:

  • Roman Catholic
  • Protestant denominations
  • Islam
  • Rastafarianism

(Source: state.gov)

Migration and urbanisation

Net migration in Grenada between 2005 and 2010 was 9.67 per 1000 people. The international migrant stock till mid 2010 was recorded 12,600 people,approximately 12.1% of the entire population.

(Source: eclac.cl, UN)

In 2010, about 39% of total population, 41,000 people, were residing in urban areas, while people living in rural areas were about 61% or 63,000 people.

(Source: eclac.cl)

Between 2005 and 2010  the urban population in the country grew at an annual rate of 0.3%. Alternatively, for the same period, the rural population declined at a rate of 0.1%.

(Source: UN)

Human Development Index (HDI)

The country is not included in the Human Development Index of 2010.

(Source: UNDP)

[Top] Soft Infrastructure

Literacy rate

The adult literacy rate in Grenada is about 96%, and has remained unchanged since 2005.

(Source: UNDP)

Education

The educational system in Grenada is based on the British educational system. Hence, education in the country is compulsory and free of cost for the children between 5 and 16 years of age.

The Medium of instruction is English and high school students learn French and Spanish.

The number of educational institutions in the country are as follows:

  • Pre-primary schools -118
  • Primary schools - 82
  • Secondary schools - 22
  • Technical and vocational training centres - 3
  • Tertiary institutions - 3

(Source: grenadaworld.com)

Healthcare

The healthcare system in the country is regulated by Ministry of Health, and is largely funded by government. Grenada is 85th  out of the 190 countries in WHO’s world’s healthcare systems ranking.

The public healthcare sector consists of the General Hospital, in the national capital St. George, which has 196 beds, and two other rural hospitals in Mirabeau and Carriacou, which have 60 and 40 beds respectively. The country has six health centres and 30 medical stations at community level.  Additonally, Grenada also has three small private hospitals.

The number of physicians and nurses per 100,000 people is 100 and 400 respectively. There are about 260 hospital beds per 100,000 people and 50 community health workers per 100,000 people in the country.

The death rate in the country, due to cancer and cardiovascular diseases, is 199 and 448 per 100,000 people respectively. .

(Source: estandardsforum.org, Government of Grenada)

In 2006, per capita expenditure on healthcare was USD 485, and total expenditure was recorded to constitute 6.9% of GDP.

(Source: estandardsforum.org)

In 2008, total public expenditure on health was 3.5% of nation’s GDP, compared to 4.1% in 2007.

Grenada Expenditure on Health

(Source: eclac.cl)

[Top] Hard Infrastructure

Roadways are the main mode of transport in the country. The total length of roadways in the country is 1,127 km, of which 61% are paved.

The country does not have a railway network.

(Source: estandardsforum.org)

Ports

The only port in the country is the Port of Saint George’s.

(Source: worldportsource.com)

Airport

There is only one airport in Grenada – Point Salines International airport in the national capital St. Georges, with runway length of 9,000 ft.

(Source: aircraft-charter-world.com)

Telecommunications network

In 2009, the number of fixed telephone lines in the country was 28,600, increasing 0.1% from 2008. The country had 27.52 fixed telephone lines per 100 inhabitants in 2009.

Grenada Fixed Telephone Subscribers

(Source: ITU)

In 2009, mobile cellular subscription increased by about 6.6% compared to previous year, with 64,000 users against 60,022 users in 2008.

Grenada Mobile Subscribers

(Source: ITU)

In 2010, 27,160people,25.2% of the total population, used internet services.

(Source:internetworldstats.com)

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