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Grenada

Author(s):
International Monetary Fund
Published Date:
August 2000
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Grenada: Basic Data

I. Social and Demographic Indicators
Area (sq. km)344Nutrition (1998)
 Daily caloric intake2,400
Population (mid-1998)
Total100,000Health (1998)
Rate of growth (percent a year)0.6Population per physician1,150
Density (per sq. km.)296Population per hospital bed170
GDP per capita (US$)3,630
Access to safe water (percent of population)
Population characteristics (1998)Urban100
Life expectancy at birth (years)72Rural96
Crude birth rate (per thousand)17.8
Crude death rate (per thousand)7.9Education (1995)
Infant mortality (per thousand live births)16.2Gross enrollment (percent)
Primary130
Secondary53
Nominal GDP (1999)
In millions of EC dollars988.3
In millions of US dollars366.0
Sources: Data provided by the Grenada authorities; Eastern Caribbean Central Bank (ECCB); and Fund staff estimates.

As a percent of liabilities to the private sector at the beginning of the year.

Prime lending rate.

II. Selected Economic Indicators, 1995-99
prel.
19951996199719981999
(In percent)
Origin of GDP
Agriculture and mining11.510.59.99.39.4
Manufacturing and construction14.314.614.916.116.4
Services74.274.975.274.774.2
(Annual percentage changes, unless otherwise indicated)
National accounts and prices
Real GDP3.13.04.86.88.2
Real GDP per capita2.52.54.36.37.7
GDP deflator2.22.82.11.5-0.8
Consumer price index (period average)2.22.81.31.40.5
Consumer price index (end of period)2.13.10.91.21.0
Unemployment rate (in percent)19.017.517.016.014.0
(In percent of GDP)
Central government finances
Total revenue and grants28.228.926.930.030.5
Total expenditure28.832.733.133.133.0
Of which:
Interest2.02.22.31.62.3
Savings2.22.1-0.31.34.6
Overall balance-0.6-3.7-6.1-3.1-2.5
(12-month changes, unless otherwise indicated)
Money and credit (end of period)
Liabilities to prívate sector9.49.111.811.713.9
Money6.75.110.010.39.8
Quasi-money10.211.712.312.114.9
Net domestic assets of the banking system 1/-0.313.918.611.47.8
Of which:
Credit to the public sector (net)-1.62.53.1-1.4-5.0
Credit to private sector4.910.515.414.411.1
Liabilities to private sector, in percent of GDP73.875.579.081.686.4
Representative interest rate (in percent) 2/10.010.010.09.810.0
(In millions of US dollars, unless otherwise indicated)
Balance of payments
Current account balance-25.2-46.2-68.9-89.5-104.0
Merchandise trade balance-89.6-110.9-119.0-133.4-148.2
Exports24.624.732.845.954.5
Imports114.2135.6151.8179.3202.7
Services, income, and transfers (net)64.464.650.143.844.2
Of which:
Interest2.82.51.84.45.8
Capital and financial account28.960.599.599.178.3
Capital account (transfers)25.831.934.228.728.3
Public sector (net)9.411.616.010.19.6
Private sector (net)16.520.318.218.518.9
Financial account3.128.665.370.547.4
Direct investment (net)20.019.435.330.922.9
Portfolio investment (net)-0.90.00.0-0.10.0
Other investment (net)16.09.230.039.624.5
Errors and omissions2.3-14.0-29.2-5.529.7
Overall balance6.20.21.44.14.0
Change in net international reserves-5.61.0-7.0-4.1-4.0
Current account balance (in percent of GDP)-9.2-15.7-21.9-26.3-28.4
Exports (in percent of GDP)8.98.410.413.514.9
Imports (in percent of GDP)41.346.048.252.655.4
Merchandise exports (annual percentage change)-2.40.432.839.918.7
Merchandise imports (annual percentage change)8.718.711.918.113.1
Terms of trade (annual percentage change)2.8-1.66.530.949.8
Real effective exchange rate (12-month percentage change)-2.01.83.4-2.22.4
International reserve position and external debt, end of period
Net official imputed reserves (ECCB)36.735.742.746.850.9
Net reserves of the banking system56.847.031.832.749.6
Outstanding external public debt, in percent of GDP25.626.325.725.926.3
Total debt service ratio (in percent of exports of G &S)5.76.75.45.35.7
Of which:
Interest1.01.72.72.02.2
Relations with the Fund (as of May 31, 2000)
Membership statusArticle VIII
Intervention currency and rateUS dollar/EC$ 2.70 = US$1
QuotaSDR 8.5 million
Fund holdings of EC dollarsSDR 8.5 million
Percent of quota100.0
Outstanding purchases and loansNone
SDR department
Net cumulative allocationSDR 0.93 million
Holdings0
Sources: Data provided by the Grenada authorities; Eastern Caribbean Central Bank (ECCB); and Fund staff estimates.

As a percent of liabilities to the private sector at the beginning of the year.

Prime lending rate.

Sources: Data provided by the Grenada authorities; Eastern Caribbean Central Bank (ECCB); and Fund staff estimates.

As a percent of liabilities to the private sector at the beginning of the year.

Prime lending rate.

Table 1.Grenada: GDP by Sectoral Origin at Constant 1985 Prices
1995199619971998Prel.

1999
(In millions of Eastern Caribbean dollars)
GDP at constant factor cost526.6541.7567.5605.8655.2
Agriculture58.553.953.452.858.1
Crops44.439.538.737.743.1
Livestock, fishing, and forestry14.114.414.715.114.9
Livestock3.83.94.04.14.3
Fishing8.38.48.58.68.2
Forestry2.12.22.32.42.5
Mining and quarrying2.52.72.93.33.5
Electricity and water25.726.928.730.532.4
Manufacturing37.539.641.747.653.4
Construction37.639.742.950.254.2
Wholesale and retail trade62.565.067.471.275.5
Hotels and restaurants43.144.944.745.649.4
Transport and communications125.0132.2146.9163.3181.3
Finance and housing71.474.077.283.386.8
Banking and insurance47.549.451.957.159.6
Real estate and housing23.924.625.326.227.1
Government services83.885.285.288.993.5
Other services15.115.616.116.817.6
Less: imputed service charge36.037.839.747.650.4
(Annual percentage changes)
GDP at constant factor cost3.13.04.86.88.2
Agriculture6.9-6.7-0.9-1.210.0
Crops8.8-9.8-2.0-2.614.4
Livestock, fishing, and forestry1.13.02.22.4-1.0
Livestock1.92.93.14.02.9
Fishing0.83.01.10.9-4.7
Forestry1.02.95.15.35.5
Mining and quarrying0.86.010.210.98.0
Electricity and water9.74.66.66.56.3
Manufacturing7.75.85.314.112.1
Construction2.55.48.216.98.0
Wholesale and retail trade3.04.03.85.66.0
Hotels and restaurants-5.24.0-0.32.18.2
Transport and communications5.14.311.111.211.0
Finance and housing5.83.74.37.84.2
Banking and insurance8.64.05.010.04.5
Real estate and housing0.53.03.03.53.5
Government services-1.35.00.04.45.2
Other services1.01.53.54.04.9
Less: imputed service charge6.86.05.019.95.7
Sources: Ministry of Finance, Central Statistical Office (CSO), and Fund staff estimates.
Sources: Ministry of Finance, Central Statistical Office (CSO), and Fund staff estimates.
Table 2.Grenada: Output and Prices of Major Agricultural Export Crops
1995199619971998Prel.

1999
(In Eastern Caribbean dollars per pound)
Producer prices
Banana0.520.370.010.400.29
Cocoa2.851.991.722.293.05
Nutmeg2.402.622.974.566.86
Mace8.097.909.2911.3111.19
(In thousands of pounds)
Output
Banana9,5334,0381091951,248
Cocoa3,1413,5122,9322,4372,073
Nutmeg3,9364,3006,2975,1345,876
Mace203264340330459
(Annual percentage changes)
Producer prices
Banana72.2-29.2-96.53,004.0-28.2
Cocoa67.7-30.1-13.632.933.4
Nutmeg299.59.413.453.350.6
Mace223.5-2.417.621.8-1.1
Output
Banana-5.0-57.6-97.378.1541.4
Cocoa26.011.8-16.5-16.9-15.0
Nutmeg-0.59.246.4-18.514.5
Mace-0.630.028.8-2.939.1
Sources: Ministry of Finance; Grenada Banana Co-Operative Society; Grenada Co-Operative Nutmeg Association; and Grenada Cocoa Association.
Sources: Ministry of Finance; Grenada Banana Co-Operative Society; Grenada Co-Operative Nutmeg Association; and Grenada Cocoa Association.
Table 3.Grenada: Consumer Price Index(Index 1987 = 100)
Weights19951996199719981999
I. Period Averages
All items100.0129.6133.2134.9136.8137.5
Food and beverages38.7141.1145.7147.6150.0150.1
Tobacco and alcohol2.0129.2147.3138.9139.2138.3
Clothing and footwear5.2112.4137.9115.7114.3115.4
Housing17.3124.0120.5127.4128.6128.6
Fuel and light3.9108.1116.3115.6108.1109.2
Furniture and appliances2.7115.3123.4124.1124.4126.0
Transport9.1133.4124.5137.7136.8140.4
Household supplies5.6122.1127.7121.4116.9116.0
Other services15.5127.7119.3124.2127.4136.8
(Annual percentage changes)
All items2.22.81.31.40.5
Food and beverages5.33.31.31.60.1
Tobacco and alcohol3.914.0-5.70.2-0.6
Clothing and footwear-2.222.6-16.1-1.21.0
Housing0.4-2.85.70.90.0
Fuel and light1.37.6-0.6-6.51.0
Furniture and appliances-3.97.00.60.21.3
Transport-0.3-6.710.6-0.72.6
Household supplies-0.54.6-5.0-3.7-0.8
Other services1.0-6.64.22.67.4
II. End of Period
All items100.0130.9135.0136.2137.9139.3
Food and beverages38.7144.0149.0149.6152.2152.1
Tobacco and alcohol2.0132.1138.1135.9138.9138.7
Clothing and footwear5.2112.6115.1113.7116.2115.0
Housing17.3124.4124.5128.5128.7128.7
Fuel and light3.9110.6121.4112.6105.9120.0
Furniture and appliances2.7114.3125.0123.9125.6125.9
Transport9.1132.9139.9137.3136.9143.3
Household supplies5.6122.3125.1119.8114.7119.8
Other services15.5128.0131.7125.2127.7159.2
(Annual percentage changes)
All items2.13.20.91.21.0
Food and beverages4.53.50.41.7-0.1
Tobacco and alcohol6.04.5-1.62.2-0.1
Clothing and footwear-1.52.2-1.22.2-1.0
Housing0.20.13.20.20.0
Fuel and light2.49.8-7.2-6.013.3
Furniture and appliances-3.39.4-0.91.40.2
Transport0.35.3-1.9-0.34.7
Household supplies0.72.3-4.3-4.34.4
Other services0.72.9-4.92.024.7
Sources: Ministry of Finance, and CSO.
Sources: Ministry of Finance, and CSO.
Table 4.Grenada: Summary Finances of the Central Government
1995199619971998Prel.

1999
(In millions of Eastern Caribbean dollars)
Total revenue and grants210.5230.3229.0275.8301.7
Total revenue190.9199.9206.1333.5270.6
Current revenue187.8199.6204.8232.0266.9
Tax revenue168.4181.5187.327.3231.6
Nontax revenue19.418.017.524.935.3
Capital revenue3.10.31.31.53.7
Foreign grants19.630.422.942.331.1
Total expenditure214.7260.1281.3304.6326.0
Current expenditure171.4182.7207.1219.9221.2
Personnel expenditure89.997.9110.6112.3119.6
Salaries and wages84.892.5104.8107.5113.3
Allowances5.15.45.84.86.3
Goods and services28.932.832.135.830.6
Supplies and overheads23.929.128.227.222.1
Other goods and services5.Ü3.63.98.68.5
Interest payments14.617.319.414.722.7
Domestic11.512.713.29.89.8
Foreign3.04.66.24.912.9
Transfers and subsidies38.134.745.157.148.4
Transfers to private sector3.50.16.52.33.1
Grants and subventions9.09.010.313.17.7
Transfers abroad9.67.37.813.28.6
Transfers to statutory boards0.00.01.16.06.2
Transfers to households16.018.419.422.522.8
Capital expenditure43.377.474.284.7104.8
Current balance16.416.9-2.312.146.7
Overall balance(before grants)-23.8-60.2-75.2-71.1-55.4
Overall balance (including grants)-4.3-29.8-52.3-28.8-24.3
Financing4.329.852.328.824.3
External-11.06.64.419.721.6
Net loan receipts-13.85.04.219.721.6
External loans4.216.517.227.543.2
Amortization18.011.513.07.821.6
Net change in external arrears2.81.6-4.10.00.0
Debt relief0.00.010.70.00.0
Domestic15.323.247.99.12.7
(In percent of GDP)
Total revenue and grants28.228.926.930.030.5
Total revenue25.625.124.225.427.4
Current revenue25.225.124.124.227.0
Tax revenue22.622.822.022.223.4
Nontax revenue2.62.32.13.03.6
Capital revenue0.40.00.20.20.4
Foreign grants2.63.82.74.63.1
Total expenditure28.832.733.133.133.0
Current expenditure23.023.024.423.922.4
Personnel expenditure12.012.313.012.212.1
Salaries and wages11.411.612.311.711.5
Allowances0.70.70.70.50.6
Goods and services3.94.13.83.93.1
Supplies and overheads3.23.73.33.02.2
Other goods and services0.70.50.50.90.9
Interest payments (including for leases)2.02.22.31.62.3
Domestic1.51.61.61.11.0
Foreign0.40.60.70.51.3
Transfers and subsidies5.14.45.36.24.9
Transfers abroad0.50.00.80.20.3
Transfers to households1.21.11.21.40.8
Transfers to the private sector1.30.90.91.40.9
Grants and subventions0.00.00.10.70.6
Transfers to statutory bodies2.12.32.32.42.3
Capital expenditure5.89.78.79.210.6
Current balance2.22.1-0.31.34.6
Overall balance(before grants)-3.2-7.6-8.87.7-5.6
Overall balance (including grants)-0.6-3.7-6.1-3.1-2.5
Financing0.63.76.13.12.5
External-1.50.80.52.12.2
Net loan receipts-1.80.60.52.12.2
External loans0.62.12.03.04.4
Amortization2.41.41.50.82.2
Exceptional financing0.00.01.80.00.0
Net change in external arrears0.40.2-0.50.00.0
Debt relief0.00.01.30.00.0
Domestic2.02.95.61.00.3
Memorandum item:
Nominal GDP at market prices (EC$mn.)746.0795.6850.2920.2988.3
Sources: Ministry of Finance; and Fund staff estimates.
Sources: Ministry of Finance; and Fund staff estimates.
Table 5.Grenada: Central Government Revenue and Grants
1995199619971998Prel.

1999
(In millions of Eastern Caribbean dollars)
Total revenue and grants210.5230.3229.0275.8301.7
Total revenue190.9199.9206.1233.5270.6
Current revenue187.8199.6204.8232.0266.9
Capital revenue3.10.31.31.53.7
Foreign grants19.630.422.942.331.1
Tax revenue168.4181.5187.3204.7231.6
Taxes on income and profits43.133.522.024.538.6
Individuals18.58.75.34.65.8
Companies19.622.416.119.132.0
Business levy3.21.60.40.50.4
Other1.70.90.20.30.4
Taxes on property4.65.54.85.77.1
Property tax2.63.32.32.03.5
Inheritance tax0.00.10.10.10.0
Land (property) transfer tax2.02.12.43.63.6
Taxes on domestic transactions30.333.040.944.146.4
Consumption tax15.416.119.321.025.0
Stamp duty2.52.73.24.43.4
Motor vehicle tax1.72.02.83.43.5
Licenses5.15.07.07.35.1
Airline ticket tax1.41.51.71.92.1
Other (inc. cruise ship tax)4.25.76.86.17.3
Taxes on international transactions90.5109.5119.7130.4139.5
Import duty23.425.527.430.232.1
Consumption tax56.463.168.974.179.3
Petrol tax2.22.32.42.42.8
Export duty0.00.30.00.00.0
Customs services charge8.518.419.721.723.3
Other taxes on international trade0.00.01.32.02.0
Nontax revenue19.418.017.527.335.3
Government fees and charges4.53.15.36.78.4
Off-shore revenue0.00.00.05.710.0
Post office4.03.01.33.34.0
Dividends and profits from government enterprises4.54.65.13.75.9
ECCB profits3.43.63.43.63.5
Rents and interest income0.90.71.51.40.6
Miscellaneous fees and service charges1.52.40.22.31.8
Miscellaneous taxes0.70.70.80.50.9
(In percent of GDP)
Total revenue and grants28.228.926.930.030.5
Current revenue25.225.124.125.227.0
Tax revenue22.622.822.022.223.4
Individual income taxes2.51.10.60.50.6
Corporate taxes3.13.01.92.13.3
Taxes on property0.60.70.60.60.7
Taxes on domestic transactions4.14.14.84.84.7
Of which:
Consumption tax2.12.02.32.32.5
Taxes on international transactions12.113.814.114.214.1
Of which:
Import duty3.13.23.23.33.2
Consumption tax7.67.98.18.18.0
Nontax revenue2.62.32.13.03.6
Capital revenue0.40.00.20.20.4
Foreign grants2.63.82.74.63.1
Sources: Ministry of Finance; and Fund staff estimates.
Sources: Ministry of Finance; and Fund staff estimates.
Table 6.Grenada: Central Government Expenditure
1995199619971998Prel.

1999
(In millions of Eastern Caribbean dollars)
Total expenditure214.7260.1281.3304.6326.0
Current expenditure171.4182.7207.1219.9221.2
Salaries, wages, and allowances89.997.9110.5112.3119.6
Goods and services28.932.832.335.830.6
Supply and overheads23.929.128.427.222.1
Of which: leases0.00.01.41.43.1
Other goods and services5.03.63.98.68.5
Interest payments14.617.319.614.722.7
Domestic11.512.713.49.89.8
Foreign3.04.66.24.912.9
Transfers and subsidies38.134.745.157.148.4
Transfers to private sector3.50.16.52.33.1
Grants and subventions9.09.010.313.17.7
Transfers abroad9.67.37.813.28.6
Transfers to statutory boards0.00.01.16.06.2
Transfers to households16.018.419.422.522.8
Capital expenditure43.377.474.284.7104.8
(In percent of GDP)
Total expenditure28.832.733.133.133.0
Current expenditure23.023.024.423.922.4
Salaries, wages, and allowances12.012.313.012.212.1
Goods and services3.94.13.83.93.1
Supply and overheads3.23.73.33.02.2
Of which: leases0.00.00.20.20.3
Other goods and services0.70.50.50.90.9
Interest payments2.02.22.31.62.3
Domestic1.51.61.61.11.0
Foreign0.40.60.70.51.3
Transfers and subsidies5.14.45.36.24.9
Capital expenditure5.89.78.79.210.6
Sources: Ministry of Finance; and Fund staff estimates.
Sources: Ministry of Finance; and Fund staff estimates.
Table 7.Grenada: Central Government Personnel Expenditure
1995199619971998Prel.

1999
(In millions of Eastern Caribbean dollars unless otherwise indicated)
Total personnel expenditure89.997.9110.5112.3119.6
(a) Wages and salaries84.892.5104.7107.5113.3
(Including hospitals)8.58.19.2
Total increase:5.17.812.22.85.8
Increases due to:
Scale changes0.04.60.00.00.0
Restructuring/downsizing0.00.00.00.0-3.7
Merit increments5.13.26.62.93.1
Back-pay/one-off settlement0.00.05.70.05.3
(b) Personnel allowances5.15.45.84.86.3
Number of civil service employees 2/5,2645,3405,1235,2695,388
Nominal expenditure per employee (EC$)17,07418,34121,57821,31322,188
Nominal wage and salary per employee (EC$)16,10317,32820,43720,40221,028
(Annual percentage changes)
Total personnel expenditure5.89.012.91.66.5
Total wages and salaries6.49.213.12.75.4
Other payments-3.25.98.1-17.930.2
Number of civil service employees-3.51.4-4.12.82.3
Inflation 1/2.22.81.31.40.5
Real personnel expenditure3.66.211.60.26.0
(Index: 1991=100)
Number of civil service employees82.583.780.382.684.4
Real personnel expenditure96.4102.2113.9114.1120.9
Average real personnel expenditure116.9122.1141.9138.2142.4
(In percent of GDP)
Total personnel expenditure12.012-313.012.212.1
Total wages and salaries11.411.612.311.711.5
Other payments0.70.70.70.50.6
Sources: Grenada authorities; and Fund Staff estimates.

Based on change in the consumer price index.

Excludes the Post Office from 1997.

Sources: Grenada authorities; and Fund Staff estimates.

Based on change in the consumer price index.

Excludes the Post Office from 1997.

Table 8.Grenada: Operations of the National Insurance Scheme(In millions of Eastern Caribbean dollars)
1995199619971998
Current revenue25.128.929.130.7
Contributions from government5.86.23.43.8
Government share2.93.11.71.9
Employee share2.93.11.71.9
Other contributions10.913.414.714.2
Investment income8.49.311.012.7
Current expenditure8.48.910.511.6
Benefit payments5.66.77.28.5
Wages and salaries1.41.51.61.6
General administration1.40.71.71.5
Current balance16.720.018.619.1
Capital expenditure1.90.6030.3
Overall balance14.819.318.318.8
Financing-14.8-19.4-18.4-18.0
Commercial banks-13.4-10.3-8.7
Other financial institutions1.1-2.9-6.6
Central government1.6-1.7-4.7
Other-4.1-4.61.7
Source: National Insurance Scheme.
Source: National Insurance Scheme.
Table 9.Grenada: Consolidated Accounts of the Banking System
December 31Prel.
19951996199719981999
(In millions of Eastern Caribbean dollars)
Net foreign assets153.3126.985.888.2133.8
Net imputed reserves (ECCB)99.196.3115.1126.4137.3
Commercial banks’ net foreign assets54.230.6-29.3-38.2-3.5
Net domestic assets397.3473.8585.7662.3720.8
Net credit to the public sector27.736.455.546.48.6
Central government52.861.076.271.243.4
Nonfinancial public enterprises 1/-25.1-24.6-20.7-24.8-34.9
Credit to private sector437.5495.3588.0684.7767.9
Other-67.8-57.9-57.9-68.8-55.7
Money plus quasi-money (M2)550.6600.7671.5750.4854.5
Money131.6131.4144.5159.4175.1
Quasi-money419.0469.3527.0591.0679.4
(Percentage change) 2/
Net foreign assets9.7-4.8-6.80.46.1
Net domestic assets-0.313.918.611.47.8
Net credit to the public sector-1.62.53.2-1.4-5.0
Central government-0.51.52.5-0.61.3
Nonfinancial public enterprises 1/-1.10.10.7-0.6-1.3
Credit to private sector4.910.515.414.411.1
Other-3.61.80.0-1.61.8
Money plus quasi-money (M2)9.49.111.811.713.9
Sources: Eastern Caribbean Central Bank; and Fund staff estimates.

Includes Grenada Cooperative Bank.

In relation to M2 at the beginning of the period.

Sources: Eastern Caribbean Central Bank; and Fund staff estimates.

Includes Grenada Cooperative Bank.

In relation to M2 at the beginning of the period.

Table 10.Grenada: Operations of the Eastern Caribbean Central Bank in Grenada
December 31Prel.
19951996199719981999
(in millions of ECCB dollars)
Net (imputed) international reserves 1/99.196.3115.1126.4137.3
Net claims on commercial banks-62.3-63.6-72.9-75.5-83.3
Claims0.10.00.00.00.0
Loans0.10.00.00.00.0
Balances with banks0.00.00.00.00.0
Liabilities62.463.672.975.583.3
Currency held by banks17.221.523.321.736.1
Statutory reserves38.538.146.252.545.8
Fixed deposits6.74.03.41.41.4
Net claims on statutory bodies-0.20.00.00.00.2
Net domestic assets17.120.516.113.310.5
Net credit to central government17.120.516.113.310.5
Short-term credit2.83.32.44.73.6
Temporary advances0.61.10.72.51.3
Treasury bills2.32.31.82.32.3
Debentures6.66.66.65.75.7
Other claims12.411.19.78.36.9
Central government sinking fund deposits-3.0-0.2-2.4-5.3-3.7
Central government other deposits-1.6-0.2-0.2-0.2-1.9
Currency in circulation53.853.258.364.164.8
Estimated notes issued66.770.176.580.294.6
Estimated coins issued4.34.65.15.66.2
Less: Currency held by banks17.221.523.321.736.1
Source: Eastern Caribbean Central Bank (ECCB).

Refers to the imputed share of Grenada in the international reserves of the ECCB.

Source: Eastern Caribbean Central Bank (ECCB).

Refers to the imputed share of Grenada in the international reserves of the ECCB.

Table 11.Grenada: Consolidated Accounts of the Commercial Banks 1/(In millions of Eastern Caribbean dollars)
December 31Prel.
19951996199719981999
Net foreign assets54.230.6-29.2-38.2-3.5
Foreign assets159.5167.1154.1148.4196.3
Foreign currency holdings3.54.84.24.15.0
Claims on ECCB area banks15.914.95.45.66.2
Claims on banks abroad71.048.539.436.962.4
Other69.098.8105.1101.8122.7
Foreign liabilities105.3136.5184.2186.6199.8
Balances due to ECCB area banks0.66.710.82.93.5
Balances due to banks abroad14.829.741.635.031.2
Nonresident deposits89.6100.0131.5148.1164.1
Other0.30.10.30.61.1
Net position with ECCB56.959.373.573.492.3
Net claims on ECCB56.959.373.576.192.4
Currency holdings17.221.523.321.736.1
Current deposits30.629.935.043.440.5
Fixed deposits and call accounts9.17.915.211.015.8
Liabilities to ECCB0.00.00.02.70.0
Net domestic assets385.5457.7570.0651.2701.0
Net credit to government30.940.660.157.933.0
Treasury bills11.617.817.516.114.2
Other securities16.516.514.413.914.2
Loans and advances18.321.642.450.536.5
Deposits-15.5-15.3-14.2-22.5-31.9
Net credit to national insurance scheme-15.1-25.7-27.8-34.2-39.2
Loans, advances, and investments0.00.00.00.00.0
Deposits-15.1-25.7-27.8-34.2-39.2
Net credit to public enterprises-10.01.17.09.44.3
Loans, advances, and investments6.116.120.925.926.1
Deposits-16.1-15.0-13.9-16.5-21.8
Net credit to other financial institutions-27.9-27.0-25.4-23.4-14.2
Loans, advances, and investments5.810.310.115.623.3
Deposits-33.7-37.3-35.5-39.0-37.5
Credit to private sector437.3495.3588.0684.7767.9
Interbank float0.9-0.21.5-0.35.4
Claims24.215.89.49.419.3
Liabilities-23.3-16.0-7.9-9.8-13.9
Net unclassified assets-30.6-26.4-33.4-42.9-56.3
Liabilities to the private sector496.9547.6613.2686.4789.8
Demand deposits77.878.386.295.3110.4
Saving deposits292.9326.9370.0390.6440.0
Time deposits108.1114.1123.8170.8197.1
Foreign currency deposits18.128.333.229.642.3
Loans/deposits ratio (in percent) 2/89.294.195.4
Liquidity ratio (in percent) 3/19.413.610.1
Source: Eastern Caribbean Central Bank.

Includes the Grenada Cooperatives Bank.

Loans and advances, treasury bills, investments, and commercial bills discounted divided by total (domestic and foreign) deposits.

The sum of cash, current and fixed deposits at the ECCB, and claims on domestic and foreign banks divided by the sum of deposits, borrowing from the ECCB, and balances due to domestic and foreign banks.

Source: Eastern Caribbean Central Bank.

Includes the Grenada Cooperatives Bank.

Loans and advances, treasury bills, investments, and commercial bills discounted divided by total (domestic and foreign) deposits.

The sum of cash, current and fixed deposits at the ECCB, and claims on domestic and foreign banks divided by the sum of deposits, borrowing from the ECCB, and balances due to domestic and foreign banks.

Table 12.Grenada: Distribution of Commercial Bank Loans and Advances 1/
December 31Prel.
19951996199719981999
(In millions of Eastern Caribbean dollars at end of period)
Total488.3564.8687.7797.0870.3
Public sector34.356.788.393.376.4
Government and public enterprises, n.i.e.17.421.143.752.337.1
Public utilities16.935.644.641.139.3
Businesses245.5272.3292.2318.6333.4
Agriculture and fisheries10.713.012.911.713.4
Manufacturing and mining27.531.430.724.327.8
Distributive trades85.692.092.1104.9100.1
Tourism and entertainment58.567.571.073.965.2
Transport23.728.035.734.445.1
Construction and land development18.618.420.128.030.4
Professional and other services18.118.627.539.348.3
Financial institutions2.83.52.22.13.0
Households208.5235.9307.1385.1460.5
House and land purchases127.1154.5191.8230.6279.7
Durable consumer goods20.427.234.638.751.9
Other61.054.280.8115.8128.9
(In percent of total)
Public sector7.010.012.811.78.8
Government and public enterprises, n.i.e.3.63.76.46.64.3
Public utilities3.46.36.55.24.5
Businesses50.348.242.540.038.3
Agriculture and fisheries2.22.31.91.51.5
Manufacturing and mining5.65.64.53.03.2
Distributive trades17.516.313.413.211.5
Tourism and entertainment11.911.910.39.37.5
Transport4.94.95.24.35.2
Construction and land development3.83.32.93.53.5
Professional and other services3.83.34.04.95.6
Financial institutions0.60.60.30.30.3
Households42.741.844.748.352.9
House and land purchases26.027.327.928.932.1
Durable consumer goods4.24.85.04.96.0
Other12.59.611.714.514.8
Sources: Ministry of Finance; CSO.

Includes the Grenada Cooperative Bank.

Sources: Ministry of Finance; CSO.

Includes the Grenada Cooperative Bank.

Table 13.Grenada: Commercial Banks’ Interest Rates(In percent per year)
SavingTime DepositsPrimeOther
Period EndedDeposits3 Months6 Months12 MonthsLendingLending Rates
December
19904.0-5.04.0-7.04.0-7.54.0-8.010.5-10.510.5-15.0
19914.0-5.04.0-6.04.0-6.54.0-7.010.5-10.510.5-15.0
19924.0-5.02.0-5.02.0-5.52.5-6.010.5-10.510.5-16.0
19934.0-5.01.5-6.01.5-5.51.5-6.010.0-10.510.0-16.0
19944.0-5.01.5-4.01.5-4.51.5-6.510.0-10.510.5-16.0
19954.0-5.01.5-4.01.5-4.51.5-6.59.5-10.59.5-16.0
19964.0-5.01.5-4.01.5-4.51.5-6.59.5-10.59.5-15.5
19974.0-6.01.5-4.51.5-5.01.5-6.39.5-10.59.5-16.0
19984.0-6.01.5-4.81.5-6.01.5-8.09.5-10.59.5-16.0
19994.0-6.01.5-5.51.5-6.01.5-8.09.5-10.59.5-16.0
1998
March4.0-6.01.5-4.51.5-5.01.5-6.59.5-10.59.5-16.0
June4.0-6.01.5-4.51.5-5.31.5-6.59.5-10.59.5-16.0
September4.0-6.01-4.81.5-6.01.5-7.39.5-10.59.5-16.0
December4.0-6.01.5-4.81.5-6.01.5-8.09.5-10.59.5-16.0
Prel. 1999
March4.0-6.01.5-4.81.5-6.01.5-8.09.5-10.59.5-16.0
June4.0-6.01.5-5.51.5-6.01.5-8.09.5-10.59.5-16.0
September4.0-6.01.5-5.51.5-6.01.5-8.09.5-10.59.5-16.0
December4.0-6.01.5-5.51.5-6.01.5-8.09.5-10.59.5-16.0
Source: Eastern Caribbean Central Bank.
Source: Eastern Caribbean Central Bank.
Table 14.Grenada: Summary Balance of Payments
1995199619971998Prel.

1999
(In million of U.S. dollars)
Current account balance-25.2-46.2-68.9-89.5-104.0
Exports (f.o.b.)24.624.732.845.954.5
Imports (f.o.b.)-114.2-135.6-151.8-179.3-202.7
Services (net)60.760.947.140.747.2
Receipts99.2106.7103.0115.7124.5
Of which:
Travel 1/76.278.778.483.188.1
Payments-38.5-45.8-55.9-75.0-77.3
Income (net)-13.4-15.1-16.7-23.6-26.2
Interest-2.8-2.5-1.8-4.4-5.8
Other-10.7-12.6-14.9-19.2-20.5
Transfers (net)17.119.019.726.723.3
Private17.719.320.119.821.0
Official-0.6-0.4-0.46.82.2
Capital and financial account28.960.599.599.178.3
Capital account - transfers25.831.934.228.728.5
Public sector (net) 2/9.411.616.010.19.6
Private sector (net)16.520.318.218.518.9
Financial account3.128.665.370.547.4
Direct investment (net)20.019.435.330.922.9
Portfolio investment (net)-0.90.00.0-0.10.0
Other investments (net)-16.09.230.039.624.5
Net errors and omissions2.3-14.0-29.2-5.529.7
Overall balance6.00.21.44.14.0
Debt forgiveness0.00.05.60.00.0
Changes in reserve assets (increase -)-6.0-0.2-7.0-4.1-4.0
Change in government foreign assets-0.5-1.30.00.00.0
Change in net imputed international reserves-5.61.0-7.0-4.1-4.0
Memorandum items:
Net imputed international reserves, end of period36.735.742.746.850.9
(In months of imports of goods and nonfactor services)2.92.42.52.22.2
External public debt outstanding, end of period 3/75.377.580.982.296.2
(In percent of GDP)
Current account balance-9.2-15.7-21.9-26.3-28.4
Trade balance-32.4-37.7-37.8-39.1-40.5
Exports of goods8.98.410.413.514.9
Imports of goods41.346.048.252.655.4
Overall balance2.20.10.41.21.1
Sources: Eastern Caribbean Central Bank (ECCB); Ministry of Finance; and Fund staff estimates.

Adjusted to account for underreporting.

Transfers to the public sector comprise mainly capital grants.

Public sector net borrowing comprises borrowing by the central government and borrowing by the private sector guaranteed by the central government.

Sources: Eastern Caribbean Central Bank (ECCB); Ministry of Finance; and Fund staff estimates.

Adjusted to account for underreporting.

Transfers to the public sector comprise mainly capital grants.

Public sector net borrowing comprises borrowing by the central government and borrowing by the private sector guaranteed by the central government.

Table 15.Grenada: Merchandise Exports, f.o.b.
1995199619971998Prel.

1999
(Values in millions of U.S. dollars, volumes in millions of pounds, unit values in U.S. dollars per pound)
Total exports21.920.729.841.649.7
Reexports1.91.42.32.93.3
Domestic exports20.019.327.538.746.4
Bananas
Value1.80.50.00.00.1
Volume3.51.50.00.10.5
Unit value0.20.10.00.10.1
Cocoa
Value3.32.61.92.11.4
Volume1.21.31.10.90.8
Unit value1.10.70.60.80.7
Nutmeg
Value3.54.26.98.714.9
Volume1.51.62.31.92.2
Unit value0.91.01.01.72.5
Mace
Value0.60.81.21.41.9
Volume0.10.10.10.10.2
Unit value3.03.03.04.24.1
Fish
Value3.63.23.63.43.1
Volume0.40.40.40.40.4
Unit value3.53.23.33.22.6
Paper products
Value1.31.21.81.7
Flour
Value1.81.82.83.3
Electronic components
Value3.911.914.2
Other
Value7.25.07.06.73.7
(Percentage change)
Total exports-6.1-5.443.739.619.6
Reexports-49.3-24.464.424.715.7
Domestic exports1.9-3.642.240.919.9
Bananas-13.5-70.0-99.95,421.4361.1
Value-3.9-57.6-97.378.1541.4
Volume-10.0-29.2-96.52,999.90.0
Unit value
Cocoa12.7-21.9-27.810.5-31.7
Value13.511.8-16.5-16.9-15.0
Volume-0.7-30.1-13.632.9-19.7
Unit value
Nutmeg-22.219.566.025.072.4
Value-39.19.246.4-18.514.5
Volume27.79.40.073.750.6
Unit value
Mace-9.426.951.518.237.5
Value-64.928.250.0-15.439.1
Volume158.5-1.01.039.8-1.1
Unit value158.5-1.01.039.8-1.1
Fish
Value17.2-12.914.4-5.2-9.5
Volumen.a.-4.19.0-2.611.2
Unit valuen.a.-9.14.9-2.6-18.6
Paper products
Value-4.548.7-5.2
Flour
Value-1.657.919.2
Electronic components
Valuen.a.205.619.8
Other
Value12.6-30.640.6-5.0-14.9
Sources: Ministry of Finance; CSO; and Fund staff estimates.
Sources: Ministry of Finance; CSO; and Fund staff estimates.
Table 16.Grenada: Merchandise Imports, c.i.f.
1995199619971998Prel.

1999
(In millions of U.S. dollars)
Recorded imports129.5152.2172.5203.7230.4
Food32.636.437.237.445.2
Beverages and tobacco2.62.62.43.34.2
Crude materials3.54.95.45.05.9
Fuel10.115.113.611.316.6
Animal and vegetable oils0.70.60.70.60.9
Chemicals11.312.212.714.315.6
Manufactured goods24.829.032.150.444.8
Machinery and transport equipment28.233.744.658.666.0
Miscellaneous manufactured goods15.717.623.822.931.1
(In percent of recorded imports)
Food25.223.921.618.419.6
Beverages and tobacco2.01.71.41.61.8
Crude materials2.73.23.12.42.6
Fuel7.89.97.95.57.2
Animal and vegetable oils0.50.40.40.30.4
Chemicals8.78.07.47.06.8
Manufactured goods19.219.118.624.719.4
Machinery and transport equipment21.822.225.828.828.7
Miscellaneous manufactured goods12.111.613.811.213.5
(Percentage change)
Food12.811.82.10.620.9
Beverages and tobacco10.0-0.6-9.940.625.6
Crude materials-23.037.011.4-8.219.4
Fuel9.249.8-9.8-17.247.7
Animal and vegetable oils46.8-3.82.9-11.156.3
Chemicals11.68.24.211.99.6
Manufactured goods4.916.910.856.7-11.0
Machinery and transport equipment7.619.732.231.512.6
Miscellaneous manufactured goods12.812.235.3-4.036.0
Sources: Ministry of Finance; and CSO.
Sources: Ministry of Finance; and CSO.
Table 17.Grenada: Direction of Trade
199619971998Prel.

1999
(In millions of Eastern Caribbean dollars)
Total exports, (f.o.b.)5680112134
Canada1222
CARICOM18242833
EU19263440
United Kingdom4434
Other14223036
United States12233951
Central and South America2242
Other4467
Total imports (c.i.f.)
Canada416466550622
CARICOM13131718
EU111126154198
United Kingdom63627887
Other40435254
Japan23202633
United States16242830
Central and South America175189216228
Other14201921
39525661
(In percent of total)
Exports (f.o.b.)
Canada1.82.51.31.1
CARICOM31.829.725.024.7
EU33.632.229.929.9
United Kingdom7.94.72.93.2
Other25.727.527.126.7
United States21.828.235.137.9
Central and South America3.62.13.21.3
Other7.55.25.45.1
Imports (c.i.f.)
Canada3.12.83.12.9
CARICOM26.627.128.031.9
EU15.113.414.214.0
United Kingdom9.69.19.58.7
Other5.54.34.85.3
Japan3.75.15.04.9
United States42.140.539.336.6
Venezuela3.44.33.53.4
Other9.411.110.29.7
Sources: Ministry of Finance; and CSO.
Sources: Ministry of Finance; and CSO.
Table 18.Grenada: Terms of Trade 1/(Indices 1995 = 100)
1995199619971998Prel.

1999
Laspeyeres index
Export prices 2/100.095.188.8108.9120.1
Percentage change10.1-4.9-6.722.710.3
Import prices 3/100.0103.996.589.586.7
Percentage change10.13.5-7.3-7.5-2.8
Terms of trade100.091.692.0121.7138.5
Percentage change0.7-8.40.432.413.8
Paasche index
Export prices 4/100.0101.899.9122.4177.5
Percentage change12.11.8-1.822.545.0
Import prices 5/100.0103.495.389.286.4
Percentage change10.13.5-7.3-7.5-2.8
Terms of trade100.098.4104.8137.2205.5
Percentage change2.8-1.66.530.949.8
Source: Fund staff estimates.

Merchandise trade only, tourism excluded.

Weighted by the shares in exports of goods in 1995.

Based on WEO prices for goods, weighted by Grenada’s import shares in 1995.

Weighted by the shares in exports of goods in the current year.

Based on WEO prices for goods, weighted by Grenada’s import shares in the current year.

Source: Fund staff estimates.

Merchandise trade only, tourism excluded.

Weighted by the shares in exports of goods in 1995.

Based on WEO prices for goods, weighted by Grenada’s import shares in 1995.

Weighted by the shares in exports of goods in the current year.

Based on WEO prices for goods, weighted by Grenada’s import shares in the current year.

Table 19.Grenada: Selected Tourism Data
19951996199719981999
Total arrivals (thousands)369.3386.0368.5391.4378.9
Stayover arrivals89.691.293.896.8106.9
United States30.030.429.331.534.7
Canada3.94.25.05.36.1
West Indies14.714.416.418.722.0
United Kingdom18.519.621.323.326.2
Germany6.37.05.04.04.3
Other16.515.716.814.013.6
Cruiseship passengers249.9267.0246.6265.9245.5
Nonresident Grenadians18.117.017.018.718.7
Excursionists11.510.811.110.07.8
Volume of tourism (thousand days)985.61013.71019.41064.61094.2
Stayover arrivals 1/799.3816.1835.7868.5914.6
Cruiseship passengers174.9186.9172.6186.1171.8
Excursionists11.510.811.110.07.8
Weighted daily expenditure per visitor (US$)58.059.759.259.161.0
Stayover arrivals 1/65.368.066.766.667.9
Cruiseship passengers26.226.226.226.225.9
Excursionists24.424.424.424.425.7
Total recorded expenditure (US$ million)57.759.759.463.066.8
Stayover arrivals1/52.954.554.657.862.1
Cruiseship passengers4.64.94.54.94.5
Excursionists0.30.30.30.20.2
Adjusted total expenditure (USS million) 2/76.278.778.483.188.1
(Percentage share of stayover visitors)
United States33.433.331.232.532.5
Canada4.44.65.35.56.3
West Indies16.315.717.519.322.7
United Kingdom20.621.522.724.127.1
Germany7.17.75.34.14.4
Other18.317.217.914.514.0
(Annual percentage changes)
Total arrivals16.34.5-4.56.3-3.4
Stayover visitors-2.61.52.93.49.8
Total expenditure (US$ million)-1.83.3-0.46.06.0
Volume of tourism (days)8.35.00.66.12.8
Sources: Grenada Tourist Board; East Caribbean Central Bank; and Fund staff estimates.

Including nonresident Grenadians.

Recorded expenditure adjusted for under-reporting.

Sources: Grenada Tourist Board; East Caribbean Central Bank; and Fund staff estimates.

Including nonresident Grenadians.

Recorded expenditure adjusted for under-reporting.

Table 20.Grenada: Effective Exchange Rate Indices(1990 = 100)
Real EffectiveNominal Effective
Exchange RateExchange Rate
Average
1995103.4156.6
I104.6157.7
II102.8154.6
III103.1156.5
IV103.1157.5
1996104.6160.0
I103.8159.3
II104.6160.6
III105.0159.8
IV105.0160.1
1997107.5166.5
I106.6164.4
II107.0165.9
III108.1168.1
IV108.1167.4
1998108.6168.9
I109.5169.7
II109.4169.9
III109.3170.1
IV106.2165.9
1999109.2172.7
I108.8170.6
II110.0173.5
III109.4173.8
IV108.5173.0
End of Period
1995103.3158.3
1996105.2160.6
1997108.7168.5
1998106.3166.0
1999108.9173.8
Source: IMF Information Notice System
Source: IMF Information Notice System
Annex
Grenada: Summary of the Tax System as of December 31, 1999
Type of TaxTaxTax BaseTax RateExemptions 1/
1. Income taxesa. Personal income taxPersonal income in excess of EC$60,00030 percentNone
b. Corporate taxNet business income30 percentOnly on the basis of Cabinet approved tax holidays
2. Property taxesa. Property taxMarket value of property in excess of EC$100,000Land: 0-0.5 percent



Building: 0-0.3 percent
None
b. Transfer taxProperty sales in excess of EC$20,0005 percentNone
3. Taxes on domestic goods and servicesa. General consumption taxLocally manufactured goods10 percentNone
Room and food services of hotels8 percentNone
Overseas telephone calls10 percentNone
Other services5 percentNone
b. Motor vehicle taxVehicle purchases
If capacity is:



  • 1,200 cc or less
10 percentNone
  • above 1,200 cc
15 percentNone
c. Annual stamp taxOn gross business receipts (the maximum amount payable is EC$100,000)None
  • receipts over EC$30,000 but not exceeding EC$100,000
0.25 percent
  • receipts exceeding EC$100,000
0.50 percent
4. Taxes on international tradea. Import duties based on the Common External Tariff Schedule of CARICOMAll imports from outside CARICOM (c.i.f. value)5-25 percent.

Higher rates on certain imports, mainly foodstuffs
  • Diplomatic missions, international organizations and personnel
  • Goods for educational and cultural purposes
  • Personal effects
  • Imports made by persons, businesses, and organizations authorized by Cabinet
b. General consumption taxAll imports (c.i.f. value plus the import duty)General rate is 25 percent but rates of 0, 10, and 15 percent are applied under special schedules. Also, arate of 50 percent is applied on imported fuel, and new cars and a rate of 55 percent is applied on imports of used cars.
  • Diplomatic missions, international organizations and personnel
  • Goods for educational and cultural purposes
  • Personal effects
  • Imports made by persons, businesses, and organizations authorized by Cabinet
c. Customs service chargeAll imports (c.i.f. value)5 percentPersonal and household effects. The telephone company and the flour mill company are exempted by special legal agreements
d. Petrol taxGasoline salesEC$0.11 per literNone
e. Cruiseship passenger taxCruiseship passengers disembarking at the PortEC$8.10 per personNone
f. Airline ticket taxPersons traveling abroad10 percentNone
g. Embarkation taxPersons embarking at the airport for international flightsEC$25.00 per personDiplomats, staff of international agencies
h. Security taxPersons embarking at the airport forEC$10.00 per personDiplomats, staff of international agencies
international flights
5. Other taxesa. Stamp dutyReceipts of commerce, certificates and legal documentsVarious rates. Some specific, others ad valoremNone
6. Licenses 2/a. Professional activityProfessionals (accountants, doctors, lawyers, contractors, etc.)EC$500 per annumNone
b. BusinessCommercial banks

Guest houses

Insurance companies

Car dealerships

Racing pools

Travel agencies

Hotels









Offshore banks
EC$20,000 per annum

EC$600 per annum

EC$2,500 per annum

ECS5,000 per annum

EC$2,000 per annum

EC$1,000 per annum

EC$1,000 less than 21 rooms

EC$1,50021-90 rooms

EC$2,500 over 90 rooms

EC$60,000 per annum
None
c. Motor vehiclesAll private and commercial vehiclesVarious flat fees (according to weight)None
d. Other licensesCinemas

Duty free shops

Commission agencies

Clubs
A wide variety of flat annual feesNone
A variety of other commercial activities
Source: Eastern Caribbean Central Bank.

Refers to exemptions applicable to the private sector and the rest of the public sector apart from the central government.

List of licences is not exhaustive.

Source: Eastern Caribbean Central Bank.

Refers to exemptions applicable to the private sector and the rest of the public sector apart from the central government.

List of licences is not exhaustive.

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