Grenada Country Statistics

CLIMATE Tropical. Dry Season - January to May. Rainy season - June to December.
POPULATION approximately 100,000
CAPITAL St. George's
CURRENCY Eastern Caribbean Dollar (EC$) 2.70 = US$1.00
TEL/FAX CODE 473 & seven digits
AVERAGE TEMPERATURE 80° - 83° F (26° - 28° C)

Grenada is a nation consisting of the island of Grenada and six smaller islands at the southern end of the Caribbean Sea. Grenada is situated 185.1 km (115 miles) northwest of Trinidad and Tobago and 160 km (100 miles) northeast of Venezuela.

Grenada is known as the “spice isle” of the Caribbean,due to the abundance of spices grown there, such as nutmeg, cinnamon and ginger. Nutmeg is one of the island’s chief exports apart from tourism.

The economy of Grenada centres around tourism, its natural beauty is a vacationer’s paradise with international hotel chains promising everything from diving, yachting, romance and adventure. Also contributing to the islands development, is the St Georges medical University, with approximately 6,300 students engaged in various undergraduate and post graduate studies. The University is widely recognizes as one of the premiere institutions in the field of veterinary studies.

The economy of Grenada has suffered tremendously on the back of the global financial crisis of 2008, as well as the devastating impact of hurricane Ivan in 2004. These challenges restricted growth but the economy only recently began to show positive signs of expansion. After growing by 3.14percent in 2013, the economy is estimated to expand by 2.59percent in 2014. With the assistance of the International Monetary Fund and improving global tourism, the economy is project to steadily improve. Also, favourable weather conditions should benefit the agriculture sector.

Despite positive growth projections Grenada’s debt levels remain at an unsustainable level at an estimated 107percent of GDP in 2014, while its fiscal balance for that financial year was estimated to be -5.6percent. However, the government has taken drastic steps to correct this fiscal imbalance, with a number of expenditure-saving and revenue-generating measures. These measures, while burdensome have helped improve competitiveness, encourage greater investments from abroad and reduce inflationary pressures. In 2013, Sandals invested approximately US$80 million in the construction of a couples resort on the island, providing much needed employment opportunities and boosting the construction sector. This resulted in increased arrivals from Grenada’s major source markets in 2014, with stay over arrivals increasing by 18.6 percent in the first half of the year.

In addition to these measures, the government is currently seeking to restructure its debt, which will further reduce the strain placed on government finances. Coupled with tight fiscal measures, domestic demand will remain subdued but economic activity will be driven by the gradual improvement in tourism, the strengthening of the agriculture sector and increased construction activity. Overall, the island has weathered the worst of the global financial crisis and is estimated to continue on the path of gradual economic recovery in 2015.

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