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Grenada

Author(s):
International Monetary Fund
Published Date:
February 2003
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Grenada: Basic Data

I. Social and Demographic Indicators
Area (sq. km)344Nutrition (1998)
Daily caloric intake per person2,400
Population (2000)
Total (thousands)102Health (1998)
Rate of growth (percent a year)0.8Population per physician1,150
Density (per sq. km.)296Population per hospital bed170
GDP per capita (US$, 2000)4,040
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 of school age group)
Primary130
Income distribution (1998)Secondary53
Percent of income received
By highest 10 percent of householdsNominal GDP (2001)
By lowest 20 percent of householdsIn millions of EC dollars1,075
Gini-coefficient (1998)0.5In millions of U.S. dollars398
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.

Includes tourism

II. Selected Economic Indicators, 1998-2002
Prel.
19981999200020012002
(In percent)
Origin of GDP
Agriculture and mining8.4−8.68.48.68.4
Manufacturing and construction16.016.918.216.213.9
Services75.674.573.475.275.7
(Annual percentage changes, unless otherwise indicated)
National accounts and prices
Real GDP7.37.56.5−3.3−0.5
Real GDP per capita6.76.85.6−2.5−1.3
GDP deflator16.00.72.02.83.0
Consumer price index (period average)1.40.52.23.23.0
Consumer price index (end of period)1.31.03.52.53.0
Unemployment rate (inpercent)16.014.011.512.212.2
(In percent of GDP)
Central government finances
Total revenue and grants30.028.130.130.529.5
Total expenditure33.131.633.339.137.4
Of which
Interest1.62.32.22.64.1
Savings1.34.86.02.32.2
Overall balance−3.1−3.5−3.2−8.6−7.9
(12-month percentage changes, unless otherwise indicated)
Money and credit (end of period) 1/
Money and quasi-money11.813.915.410.68.1
Net domestic assets11.47.815.03.87.8
Of which
Credit to the public sector (net)−1.2−5.03.75.01.4
Credit to private sector14.411.112.90.81.8
Liabilities to private sector, in percent of GDP81.683.889.897.599.4
Representative interest rate (in percent) 2/9.810.010.010.010.0
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.

Includes tourism

Prel.Est.Proj.
19981999200020012002
(In millions of U.S. dollars, unless otherwise indicated)
Balance of payments
Current account balance−82.2−46.2−82.6−70.0−106.9
Merchandise trade balance−136.7−109.8−135.9−136.9−144.7
Exports45.974.384.563.664.3
Imports−182.6−184.1−220.4−196.4−209
Services, income, and transfers (net)54.563.753.262.837.8
Of which
Interest−3.3−4.9−6.7−6.6−10.7
Capital and financial account83.160.691.974.399.9
Capital account (transfers)28.631.229.735.736.2
Public sector (net)10.011.59.613.915.4
Private sector (net)18.519.720.121.820.7
Financial account54.629.462.238.663.8
Direct investment (net)48.741.635.734.347.4
Portfolio investment (net)−0.10.419.70.099.8
Other investment (net)5.9−12.66.84.3−83.4
Errors and omissions3.2−9.7−2.61.910.0
Overall balance4.24.76.66.33.0
Current account balance (in percent of GDP)−24.1−12.2−20.3−17.6−25.3
Exports (in percent of GDP)13.519.720.816.015.5
Imports (in percent of GDP)−53.6−48.8−54.2−49.3−50.5
Merchandise exports (annual percentage change)39.667.112.5−24.71.1
Merchandise imports (annual percentage change)18.10.919.7−10.96.4
Terms of trade (annual percentage change) 3/30.913.3−0.3−1.73.8
Real effective exchange rate (12-month percentage change)−2.23.15.73.1−2.1
External public debt
Outstanding external public debt, in percent of GDP27.226.225.340.462.4
Total debt service ratio (in percent of exports of goods and services)5.58.55.97.226.0
Of which
Interest1.82.23.03.45.6
Relations with the Fund (as of Nov. 30, 2002)
Membership statusArticle VIII
intervention currency and rateUS dollar/EC$ 2.70 = US$1
QuotaSDR 11.7 million
Fund holdings of EC dollarsSDR 11.7 million
Percent of quota100.0
Outstanding purchases and loansNone
SDR department
Net cumulative allocationSDR 0.93 million
Holdings0.3
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.

Includes tourism

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.

Includes tourism

Table 1.Grenada: GDP by Economic Activity at Current Factor Cost
Prel.
19981999200020012002
(In millions of Eastern Caribbean dollars)
Gross domestic product770.2833.1894.0887.9908.5
Primary sector64.371.374.976.876.5
Agriculture60.567.269.869.268.5
Crops41.948.350.346.042.7
Livestock4.44.85.05.15.3
Forestry2.82.93.03.13.2
Fishing11.511.211.515.117.3
Mining and quarrying3.84.15.17.67.9
Secondary sector162.0184.0209.1192.2197.6
Manufacturing54.060.568.963.767.5
Construction69.080.393.779.677.2
Electricity and water39.043.146.549.052.9
Services543.8577.9610.0618.8634.4
Wholesale and retail trade85.690.796.496.389.5
Hotels and restaurants68.978.181.778.282.5
Transport and communications188.4193.6209.8208.6216.4
Banking and insurance73.077.089.693.8101.3
Real estate and housing27.529.130.331.733.3
Government services132.1142.4143.6156.5162.6
Other services20.922.629.431.733.0
Less imputed banking charges52.655.670.777.984.1
(In percent of GDP)
Gross domestic product100.0100.0100.0100.0100.0
Primary sector8.48.68.48.68.4
Agriculture7.98.17.87.87.5
Crops5.45.85.65.24.7
Livestock0.60.60.60.60.6
Forestry0.40.30.30.30.4
Fishing1.51.31.31.71.9
Mining and quarrying0.50.50.60.90.9
Secondary sector21.022.123.421.721.7
Manufacturing7.07.37.77.27.4
Construction9.09.610.59.08.5
Electricity and water5.15.25.25.55.8
Services70.669.468.269.769.8
Wholesale and retail trade11.110.910.810.89.9
Hotels and restaurants8.99.49.18.89.1
Transport and communications24.523.223.523.523.8
Banking and insurance9.59.210.010.611.2
Real estate and housing3.63.53.43.63.7
Government services17.217.116.117.617.9
Other services2.72.73.33.63.6
Less imputed banking charges6.86.77.98.89.3
Source: Central Statistical Office (CSO), Ministry of Finance.
Source: Central Statistical Office (CSO), Ministry of Finance.
Table 2.Grenada: GDP by Economic Activity at Constant Factor Cost
Prel.
19981999200020012002
(In millions of 1985 Eastern Caribbean dollars)
GDP at constant factor cost605.8651.3693.4670.7667.5
Agriculture52.858.156.855.052.7
Crops37.743.141.336.632.9
Livestock4.14.34.44.44.5
Forestry2.42.52.62.72.7
Fishing8.68.28.511.312.5
Mining and quarrying3.33.54.46.56.6
Manufacturing47.653.460.756.157.8
Electricity and water30.532.436.539.041.0
Construction50.254.863.454.250.9
Wholesale and retail trade71.275.178.175.668.0
Hotels and restaurants45.650.752.249.951.2
Transport90.094.393.991.991.1
Road transport63.066.162.861.661.4
Sea transport18.719.021.921.320.4
Air transport8.49.29.29.19.3
Communications73.381.798.787.390.8
Banks and insurance57.163.670.174.478.1
Real estate and housing26.227.127.728.028.6
Government services88.992.189.693.594.3
Other services16.817.620.421.421.6
Less: imputed service charges47.653.158.562.165.2
(Annual percentage changes)
GDP at constant factor cost7.37.56.5-3.3-0.5
Agriculture−1.210.0−2.2−3.3−4.1
Crops2.714.4−4.2−11.5−10.0
Livestock4.02.92.12.11.4
Forestry5.35.55.21.11.0
Fishing0.9−4.74.232.211.5
Mining and quarrying10.97.424.949.12.0
Manufacturing14.112.113.8−7.63.0
Electricity and water6.56.312.57.05.0
Construction16.99.315.6−14.6−6.0
Wholesale and retail trade5.65.44.0−3.2−10.0
Hotels and restaurants2.111.22.9−4.32.5
Transport5.64.8−0.5−2.1−0.9
Road transport5.05.0−5.1−1.8−0.3
Sea transport9.21.715.5−3.0−4.0
Air transport2.410.0−0.4−1.52.5
Communications24.511.520.9−11.54.0
Banks and insurance10.011.510.26.15.0
Real estate and housing3.53.52.01.32.1
Government services4.43.5−2.64.30.9
Other services4.04.915.94.51.0
Less: imputed service charges19.911.610.26.15.0
Source: Central Statistical Office (CSO), Ministry of Finance.
Source: Central Statistical Office (CSO), Ministry of Finance.
Table 3.Grenada: Output and Prices of Major Agricultural Export Crops
Prel.
19981999200020012002
(In Eastern Caribbean dollars per pound)
Producer prices
Banana0.400.290.390.390.45
Cocoa2.291.841.872.032.01
Nutmeg4.566.868.556.713.95
Mace11.3111.1910.227.325.39
(In thousands of pounds)
Output
Banana1951,2751,5971281871
Cocoa3,1282,1472,63815161,625
Nutmeg4,6176,6515,74648035,291
Mace335610393379351
(Annual percentage changes)
Producer prices
Banana3,004.0−28.236.5−1.216.8
Cocoa32.9−19.61.68.5−0.8
Nutmeg53.350.624.6−21.5−41.1
Mace21.8−1.1−8.6−28.4−26.3
Output
Banana−12.6553.825.3−19.8−32.0
Cocoa19.5−31.422.9−42.57.2
Nutmeg−12.744.1−13.6−16.410.2
Mace−25.482.1−35.6−3.7−7.3
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 4.Grenada: Consumer Price Index

(Index 1987 = 100)

Prel.
Weights19981999200020012002
I Period Averages
All items100.0136.8137.5140.5145.0149.4
Food and beverages38.7150.0150.1151.2156.8160.6
Tobacco and alcohol2.0139.2138.3141.4144.2150.0
Clothing and footwear5.2114.3115.4115.6116.3115.3
Housing17.3128.6128.6128.6128.8129.5
Fuel and light3.9108.1109.2128.6135.4136.0
Furniture and appliances2.7124.4126.0125.2125.4125.2
Transport9.1136.8140.4155.2175.1176.4
Household supplies5.6116.9116.0123.3126.2126.0
Other services15.5127.4136.8160.0164.5165.9
(Annual percentage changes)
All items1.40.52.23.23.0
Food and beverages1.60.10.73.72.4
Tobacco and alcohol0.2−0.62.22.04.0
Clothing and footwear−1.21.00.20.6−0.9
Housing0.90.00.00.20.5
Fuel and light−6.51.017.85.30.4
Furniture and appliances0.21.3−0.60.2−0.2
Transport−0.72.610.512.80.7
Household supplies−3.7−0.86.32.4−0.2
Other services2.67.417.02.80.9
II. End of Period
All items100.0137.9139.3144.2147.8152.2
Food and beverages38.7152.2152.1154.7163.9160.6
Tobacco and alcohol2.0138.9138.7143.6144.4150.0
Clothing and footwear5.2116.2115.0115.9116.4115.3
Housing17.3128.7128.7128.7128.9129.5
Fuel and light3.9105.9120.0140.3132.9136.0
Furniture and appliances2.7125.6125.9124.9125.6125.2
Transport9.1136.9143.3174.8175.1176.4
Household supplies5.6114.7119.8127.9125.3126.0
Other services15.5127.7159.2160.3165.7165.9
(Annual percentage changes)
All items1.21.03.52.53.0
Food and beverages1.7−0.11.75.9−2.0
Tobacco and alcohol2.2−0.13.50.63.9
Clothing and footwear2.2−1.00.80.4−0.9
Housing0.20.00.00.20.5
Fuel and light−6.013.316.9−5.32.3
Furniture and appliances1.40.2−0.80.6−0.3
Transport−0.34.722.00.20.7
Household supplies−4.34.46.8−2.00.6
Other services2.024.70.73.40.1
Source: Central Statistical Office (CSO), Ministry of Finance.
Source: Central Statistical Office (CSO), Ministry of Finance.
Table 5.Grenada: Summary Finances of the Central Government
Prel.
199719981999200020012002
(In millions of Eastern Caribbean dollars)
Total revenue and grants229.0275.8286.9330.5328.4329.5
Total revenue206.1233.5267.3297.9283.2296.0
Current revenue204.8232.0267.3297.2282.7293.5
Tax revenue187.3204.7232.0265.2254.5267.8
Nontax revenue17.527.335.332.128.225.7
Capital revenue1.31.50.00.70.52.5
Grants22.942.319.632.645.233.5
Total expenditure281.3304.6322.8365.7420.6418.0
Current expenditure207.1219.9218.6230.5258.0269.9
Salaries and wages104.8107.5112.4104.8116.9123.0
Allowances5.84.86.99.610.711.9
Goods and services30.734.427.126.535.429.8
Lease payments1.41.43.117.317.317.3
Interest payments19.414.723.024.227.945.4
Domestic13.29.815.011.713.316.5
Foreign6.24.98.012.514.628.9
Transfers and subsidies45.157.146.148.249.857.6
Transfers to private sector6.52.30.00.00.00.0
Grants and subventions10.313.16.69.915.919.3
Transfers abroad7.813.29.110.36.69.0
Transfers to statutory boards1.16.09.01.20.80.8
Transfers to households19.422.521.426.826.528.3
Capital expenditure74.284.7104.2135.2162.6148.0
Current balance-2.312.148.766.724.623.6
Overall balance (before grants)-75.2-71.1-55.5-67.8-137.5-122.0
Overall balance (after grants)-52.3-28.8-35.9-35.2-92.3-88.5
Financing52.328.835.935.292.2 -88.5
Foreign (net)4.419.728.120.242.162.7
Loans (net)4.219.728.120.242.162.7
Disbursements17.227.546.041.563.287.0
Amortization13.07.817.921.321.124.3
Net change in external arrears−4.10.00.00.00.00.0
Debt relief10.70.00.00.00.00.0
Domestic 1/47.99.17.815.050.125.7
Source: Ministry of Finance.

Includes payment of arrears.

Source: Ministry of Finance.

Includes payment of arrears.

Table 6.Grenada: Summary Finances of the Central Government—Ratios to GDP
Prel.
199719981999200020012002
Total revenue and grants26.930.028.130.130.529.5
Total revenue24.225.426.227.126.326.5
Current revenue24.125.226.227.126.326.3
Capital revenue0.20.20.00.10.00.2
Grants2.74.61.93.04.23.0
Total expenditure33.133.131.633.339.137.4
Current expenditure24.423.921.421.024.024.1
Salaries and wages12.311.711.09.510.911.0
Allowances0.70.50.70.91.01.1
Goods and services3.63.72.72.43.32.7
Lease payments0.20.20.31.61.61.6
Interest payments2.31.62.32.22.64.1
Domestic1.61.11.51.11.21.5
Foreign0.70.50.81.11.42.6
Transfers and subsidies5.36.24.54.44.65.2
Transfers to private sector0.80.20.00.00.00.0
Grants and subventions1.21.40.60.91.51.7
Transfers abroad0.91.40.90.90.60.8
Transfers to statutory boards0.10.70.90.10.10.1
Transfers to households2.32.42.12.42.52.5
Capital expenditure8.79.210.212.315.113.2
Current balance-0.31.34.86.12.32.2
Overall balance (before grants)-8.8-7.7-5.4-6.2-12.8-10.9
Overall balance (after grants)-6.2-3.1-3.5-3.2-8.6-7.9
Financing6.23.13.53.28.67.9
Foreign (net)0.52.12.81.93.95.6
Loans (net)0.52.12.81.93.85.6
Disbursements2.03.04.53.95.87.8
Amortization1.50.81.81.91.92.2
Net change in external arrears−0.50.00.00.00.00.0
Debt relief1.30.00.00.00.00.0
Domestic 1/5.61.00.81.34.62.3
Source: Ministry of Finance.

Includes payment of arrears.

Source: Ministry of Finance.

Includes payment of arrears.

Table 7.Grenada: Central Government Revenue and Grants
Prel.
199719981999200020012002
(In millions of Eastern Caribbean dollars)
Total revenue and grants229.0275.8286.9330.5328.4329.5
Total revenue206.1233.5267.3297.9283.2296.0
Current revenue204.8232.0267.3297.2282.7293.5
Capital revenue1.31.50.00.70.52.5
Grants22.942.319.632.645.233.5
Tax revenue187.3204.7232.0265.2254.5270.6
Taxes on income and profits22.024.538.652.057.244.8
Individuals5.34.65.86.78.49.3
Companies16.119.132.044.246.433.4
Business levy0.40.50.40.50.30.1
Other0.20.30.40.72.12.0
Taxes on property4.85.77.19.210.113.1
Property tax2.32.03.54.24.55.4
Land (property) transfer tax2.43.63.65.05.67.7
Taxes on domestic transactions40.944.146.451.044.950.6
Consumption tax19.321.025.026.425.926.4
Stamp duty3.24.43.43.02.83.7
Motor vehicle tax2.83.43.53.832.5
Licenses7.07.35.19.25.613.9
Airline ticket tax1.71.92.12.12.12.1
Other (including cruise ship tax)6.86.17.36.55.52.0
Taxes on international transactions119.7130.4139.9152.8142.3162.1
Import duty27.430.232.134.031.930.9
Consumption tax68.974.179.387.483.797.0
Petrol tax2.42.42.82.01.57.1
Export duty0.00.00.00.00.00.0
Customs services charge19.721.723.327.225.226.8
Other taxes on international trade1.32.02.42.20.00.3
Nontax revenue17.527.335.332.128.225.7
Government fees and charges5.36.78.45.14.64.5
Offshore revenue0.05.710.011.31.82.2
Post office revenue1.33.34.01.01.53.0
Dividends and profits from government enterprises5.13.75.93.74.26.3
ECCB profits3.43.63.51.72.72.1
Rents and interest income1.51.41.11.41.71.2
Miscellaneous fees and service charges0.22.31.87.911.46.2
Miscellaneous taxes0.80.50.60.00.30.2
Source: Ministry of Finance.
Source: Ministry of Finance.
Table 8.Grenada. Central Government Revenue and Grants—Ratios of GDP
Prel.
199719981999200020012002
Total revenue and grants26.930.028.130.130.529.5
Total revenue24.225.426.227.126.326.5
Current revenue24.125.226.227.126.326.3
Capital revenue0.20.20.00.10.00.2
Grants2.74.61.93.04.23.0
Tax revenue22.022.222.724.223.724.2
Taxes on income and profits2.62.73.84.75.34.0
Individuals0.60.50.60.60.80.8
Companies1.92.13.14.04.33.0
Business levy0.10.10.00.00.00.0
Other0.00.00.00.10.20.2
Taxes on property0.60.60.70.80.91.2
Property tax0.30.20.30.40.40.5
Land (property) transfer tax0.30.40.40.50.50.7
Taxes on domestic transactions4.84.84.54.64.24.5
Consumption tax2.32.32.52.42.42.4
Stamp duty0.40.50.30.30.30.3
Motor vehicle tax0.30.40.30.30.30.2
Licenses0.80.80.50.80.51.2
Airline ticket tax0.20.20.20.20.20.2
Other (inc. cruise ship tax)0.80.70.70.60.50.2
Taxes on international transactions14.114.213.713.813.214.5
Import duty3.23.33.13.13.02.8
Consumption tax8.18.17.88.07.88.7
Petrol tax0.30.30.30.20.10.6
Export duty0.00.00.00.00.0
Customs services charge2.32.42.32.52.32.4
Other taxes on international trade0.20.20.20.20.00.0
Nontax revenue2.13.03.52.92.62.3
Government fees and charges0.60.70.80.50.40.4
Offshore revenue0.00.61.01.00.20.2
Post office revenue0.10.40.40.10.10.3
Dividends and profits from government0.60.40.60.30.40.6
ECCB profits0.40.40.30.20.30.2
Rents and interest income0.20.20.10.10.20.1
Miscellaneous fees and service charges0.00.20.20.71.10.6
Miscellaneous taxes0.10.10.10.00.00.0
Source: Ministry of Finance.
Source: Ministry of Finance.
Table 9.Grenada: Central Government Social Expenditure
Prel.
199719981999200020012002
(In millions of Eastern Caribbean dollars)
Total expenditure281.4304.6322.8365.7420.7...
Current expenditure207.2219.9218.6230.5258.1...
Of which
Social sector73.387.284.185.698.0
Education40.547.846.846.452.5
Health25.832.229.029.635.0
Housing and social services4.64.85.76.98.2
Community development2.42.42.62.72.3
Capital expenditure74.284.7104.2135.2162.6...
Of which
Social sector7.08.818.436.847.2
Education2.63.913.816.218.1
Health2.92.64.219.128.6
Housing and social services0.71.00.10.00.4
Community development0.81.30.31.50.2
(In percent of GDP)
Total expenditure33.133.131.633.035.4
Current expenditure24.423.921.420.821.7...
Of which
Social sector8.69.58.27.78.2
Education4.85.24.64.24.4
Health3.03.52.82.72.9
Housing and social services0.50.50.60.60.7
Community development0.30.30.30.20.2
Capital expenditure8.79.210.212.213.7...
Of which
Social sector0.81.01.83.34.0
Education0.30.41.41.51.5
Health0.30.30.41.72.4
Housing and social services0.10.10.00.00.0
Community development0.10.10.00.10.0
Source: Ministry of Finance.
Source: Ministry of Finance.
Table 10.Grenada: Operations of the National Insurance Scheme
199719981999200020012002
(In millions of Eastern Caribbean dollars)
Current revenue29.134.139.045.452.0...
Contributions from government3.43.84.46.410.0
Government share1.71.92.23.25.0
Employee share1.71.92.23.25.0
Other contributions14.717.620.722.524.3
Investment income11.012.713.916.517.7
Current expenditure10.511.613.315.118.9...
Benefit payments7.28.510.011.713.4
Wages and salaries1.61.61.51.62.1
General administration1.71.51.81.83.4
Current balance18.622.525.730.333.1...
Capital expenditure0.30.30.21.00.6...
Overall balance18.322.225.529.332.5...
Source: National Insurance Scheme.
Source: National Insurance Scheme.
Table 11.Grenada: Consolidated Accounts of the Banking System
Prel.
19981999200020012002
(In millions of Eastern Caribbean dollars)
Net foreign assets88.2133.8136.7203.4206.9
Net imputed reserves (ECCB)126.4137.3155.7172.6180.6
Commercial banks’ net foreign assets−38.2−3.5−19.030.826.3
Net domestic assets662.3720.8849.2886.9971.7
Net credit to the public sector46.58.740.089.2123.5
Central government71.243.659.894.7151.1
Nonfinancial public enterprises−24.8−34.9−19.8−5.5−27.6
Credit to private sector684.7767.9878.4886.4906.3
Other 1/−68.9−55.8−69.2−88.6−58.1
Money plus quasi-money (M2)750.4854.6985.81,090.41,178.6
Money159.4175.1182.4192.3204.3
Quasi-money591.0679.4803.5898.0974.3
(Percentage change) 2/
Net foreign assets0.36.10.36.80.3
Net domestic assets11.47.815.03.87.8
Net credit to the public sector−1.2−5.03.75.03.2
Central government−0.6−3.71.93.55.2
Nonfinancial public enterprises−0.6−1.31.81.4−2.0
Credit to private sector14.411.112.90.81.8
Other−1.81.7−1.6−2.02.8
Money plus quasi-money(M2)11.813.915.410.68.1
Memorandum items:
Loans/deposits ratio (in percent) 3/95.992.694.894.1
Liquidity ratio (in percent) 4/12.615.013.417.3
Source: Eastern Caribbean Central Bank.

Includes intra-banking system float.

In relation to M2 at the beginning of the period.

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 intra-banking system float.

In relation to M2 at the beginning of the period.

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: Summary Operations of the Eastern Caribbean Central Bank

(In millions of Eastern Caribbean dollars)

December 31Prel.
19981999200020012002
Net (imputed) international reserves 1/126.4137.3155.7172.6180.6
Net claims on commercial banks-75.6-83.0-92.2-111.1-116.3
Claims0.00.20.00.00.0
Loans to Commercial banks
Deposits with Commercial banks
Liabilities75.683.392.2111.1134.9
Currency held by banks21.736.132.034.637.2
Statutory reserves52.645.860.276.597.7
Fixed deposits1.41.40.00.00.0
Net claims on statutory bodies0.00.0-0.1-0.10.0
Net domestic assets13.18.63.96.64.6
Net credit to central government13.18.63.96.64.6
Short-term credit0.20.30.20.00.0
Temporary advances2.21.00.02.71.3
Treasury bills2.32.32.32.92.9
Debentures5.75.75.72.72.7
Other claims8.36.95.52.82.8
Central government sinking fund deposits−5.4−5.7−5.9−2.3−5.1
Central government other deposits−0.2−1.9−3.8−2.2
Currency in circulation64.164.771.170.268.9
Notes issued80.294.696.497.698.9
Coins issued5.66.26.87.27.2
Less: Currency held by banks21.736.132.034.637.2
Source: Eastern Caribbean Central Bank.

Share of Grenada in the international reserves of the ECCB, calculated as the difference between liabilities to the private sector and net claims on commercial banks and government.

Source: Eastern Caribbean Central Bank.

Share of Grenada in the international reserves of the ECCB, calculated as the difference between liabilities to the private sector and net claims on commercial banks and government.

Table 13.Grenada: Consolidated Accounts of the Commercial Banks

(In millions of Eastern Caribbean dollars)

December 31Prel.
19981999200020012002
Net foreign assets-38.2-3.5-19.030.826.3
Foreign assets148.4196.3188.5300.6331.7
Foreign currency holdings4.15.05.35.96.4
Claims on ECCB area banks5.66.214.945.547.8
Claims on banks abroad36.962.450.279.571.2
Other101.8122.7118.1169.7206.3
Foreign liabilities186.6199.8207.5269.8305.4
Balances due to ECCB area banks2.93.53.47.521.6
Balances due to banks abroad35.031.233.563.360.8
Nonresident deposits148.1164.1169.4186.6207.6
Other0.61.11.212.415.4
Net position with ECCB73.483.892.2107.6133.0
Net claims on ECCB76.183.992.2107.6133.0
Currency holdings21.736.132.034.637.2
Current deposits43.440.548.864.485.8
Fixed deposits and call accounts11.07.311.48.69.9
Liabilities to ECCB−2.70.00.00.00.0
Net domestic assets651.2709.5841.5881.7926.3
Net credit to government57.933.052.185.9146.5
Treasury bills16.114.216.815.623.5
Other securities13.914.232.232.231.5
Loans and advances50.536.536.157.6107.1
Deposits−22.5−31.9−33.1−19.4−15.6
Net credit to National Insurance Scheme−34.2−39.2−38,6−46.1−67.9
Net credit to public enterprises9.44.318.740.540.3
Loans, advances, and investments25.926.146.465.869.2
Deposits−16.5−21.8−27.7−25.3−28.9
Net credit to other financial institutions−23.4−14.1−6.9−7.64.2
Loans, advances, and investments15.623.331.539.353.7
Deposits−39.0−37.4−38.4−46.9−49.5
Credit to private sector684.7767.9878.4886.4906.3
Interbank float−0.313.99.77.0−3.8
Claims9.427.817.417.311.7
Liabilities−9.8−13.9−7.7−10.3−15.4
Net unclassified assets−42.9−56.4−71.8−84.5−99.4
Liabilities to the private sector686.4789.8914.71020.21109.7
Demand deposits95.3110.4111.2122.1135.4
Saving deposits390.6440.0493.8540.0628.5
Time deposits170.8197.1240.7283.3258.8
Foreign currency deposits29.642.368.974.886.9
Source: Eastern Caribbean Central Bank.
Source: Eastern Caribbean Central Bank.
Table 14.Grenada: Distribution of Commercial Bank Loans and Advances
December 31September
19981999200020012002
(In millions of Eastern Caribbean dollars at end of period)
Total797.1870.3978.31,064.31,091.2
Public sector93.476.682.993.9103.9
Government and public enterprises, n.i.e.52.337.336.659.973.0
Public utilities41.139.346.334.130.9
Businesses318.6333.2377.6391.8379.2
Agriculture and fisheries11.713.216.514.216.9
Manufacturing and mining24.327.824.032.135.2
Distributive trades104.9100.1104.991.287.0
Tourism and entertainment73.965.273.371.276.9
Transport34.445.145.487.175.7
Construction and land development28.030.435.934.527.7
Professional and other services39.348.373.355.851.8
Financial institutions2.13.04.25.77.9
Households385.1460.5517.8578.6608.1
House and land purchases230.6279.7323.0340.5332.0
Durable consumer goods38.751.948.843.141.0
Other115.8128.9146.0195.0235.1
(In percent of total)
Public sector11.78.88.58.89.5
Government and public enterprises, n.i.e.6.64.33.75.66.7
Public utilities5.24.54.73.22.8
Businesses40.038.338.636.834.7
Agriculture and fisheries1.51.51.71.31.5
Manufacturing and mining3.03.22.53.03.2
Distributive trades13.211.510.78.68.0
Tourism and entertainment9.37.57.56.77.0
Transport4.35.24.68.26.9
Construction and land development3.53.53.73.22.5
Professional and other services4.95.67.55.24.8
Financial institutions0.30.30.40.50.7
Households48.352.952.954.455.7
House and land purchases28.932.133.032.030.4
Durable consumer goods4.96.05.04.03.8
Other14.514.814.918.321.5
Source: Eastern Caribbean Central Bank.
Source: Eastern Caribbean Central Bank.
Table 15.Grenada: Commercial Banks’ Interest Rates

(In percent per year)

SavingTime DepositsPrimeOther
End PeriodDeposits3 Months6 Months12 MonthsLendingLending Rates
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
19954.0-5.01.54.01.54.51.5-6.59.5-10.59.5-16.0
19964.0-5.01.5-4.01.54.51.5-6.59.5-10.59.5-15.5
19974.0-6.01.5-4.51.5-5.01.5-6.39.5-10.59.5-16.0
19984.0-6.01.54.81.5-6.01.5-8.09.5-10.59.5-16.0
19994.0-6.01.5-5.51.5-6.01.5-8.09.5-10.59.5-16.0
20004.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
20014.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
End September 20023.0-6.01.5-5.751.5-6.252.0-6.758.5-10.58.5-16.0
2000
March4.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
June4.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
September4.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
December4.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
2001
March4.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
June4.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
September4.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
December4.0-6.01.5-5.751.5-6.251.5-8.09.5-10.59.5-16.0
Source: Eastern Caribbean Central Bank.
Source: Eastern Caribbean Central Bank.
Table 16.Grenada: Balance of Payments Estimates 1998-2002
Prel.
19981999200020012002
(In millions of U.S. dollars)
Current account balance-82.2-46.2-82.6-70.0-106.9
Exports (f.o.b.)45.974.384.563.664.3
Imports (f.o.b.)182.6184.1220.4196.4209.0
Services (net)48.370.067.465.755.2
Receipts117.6148.5150.7144.7131.9
Of which:
Travel80.988.292.683.584.5
Payments69.378.583.379.076.7
Income (net)−23.1−25.5−34.3−26.3−39.1
Interest−3.3−4.9−6.7−6.6−10.6
Other−19.7−20.7−27.6−19.7−28.5
Transfers (net)29.219.220.123.421.8
Private19.819.617.820.020.9
Official9.3−0.42.33.40.9
Capital and financial account83.160.691.974.399.9
Capital account - transfers28.631.229.735.736.2
Public sector (net)10.011.59.613.915.4
Private sector (net)18.519.720.121.820.7
Financial account54.629.462.238.663.8
Direct investment (net)48.741.635.734.347.4
Portfolio investment (net) 1/−0.10.419.70.099.8
Other investments (net)5.9−12.66.84.3−83.4
Of which 
Public sector long-term loans (net)1.39.65.015.6−29.0
Net errors and omissions3.2-9.7-2.61.910.0
Overall balance4.24.76.66.33.0
Changes in reserve assets (increase -)-4.2-4.7-6.6-6.3-3.0
Change in government foreign assets0.0−0.70.20.00.0
Change in net imputed international reserves−4.2−4.0−6.8−6.3−3.0
(In percent of GDP)
Current account balance−24.1−12.2−20.3−17.6−25.3
Trade balance−40.1−29.1−33.4−33.3−34.9
Exports of goods13.519.720.816.015.5
Imports of goods−53.6−48.8−54.2−49.3−50.5
Public sector net borrowing 2/0.42.51.23.9−7.0
Direct investment14.311.08.88.611.4
Overall balance1.21.21.61.60.7
Sources: Eastern Caribbean Central Bank; Ministry of Finance; and Fund staff estimates.

Figure for 2000 represents two bond issues for stadium construction and road repair.

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

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

Figure for 2000 represents two bond issues for stadium construction and road repair.

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

Table 17.Grenada: Merchandise Exports, f.o.b.
Prel.
19981999200020012002
(Values in millions of U.S. dollars, volumes in millions of pounds,

unit values in U.S. dollars per pound)
Total exports 1/41.669.578.159.559.7
Re-exports2.93.65.24.64.7
Domestic exports38.765.972.954.955.0
Bananas
Value0.00.10.20.20.2
Volume0.21.21.61.21.1
Unit value0.10.10.10.10.2
Cocoa
Value2.11.41.61.21.4
Volume2.42.12.31.61.4
Unit value0.80.70.70.81.0
Nutmeg
Value8.714.911.913.712.8
Volume5.15.93.85.55.0
Unit value1.72.53.22.52.6
Mace
Value1.41.91.51.11.0
Volume0.30.50.40.40.4
Unit value4.24.13.82.72.8
Fish
Value3.43.13.23.84.4
Volume1.11.21.01.21.3
Unit value3.22.63.23.13.3
Paper products
Value1.82.01.81.81.5
Flour
Value2.83.54.64.85.0
Electronic components 2/
Value11.931.941.123.323.4
Other
Value6.76.97.05.15.2
(Percentage changes)
Total exports39.667.112.5-23.80.2
Re-exports24.726.544.6−11.91.8
Domestic exports40.970.110.7−24.70.1
Bananas
Value5,428.6360.368.0−22.8 −7.7
Volume78.1541.424.6−22.8−10.0
Unit value3,004.0−28.234.80.019.7
Cocoa
Value10.5−31.712.8−24.418.7
Volume−16.9−15.010.8−30.3−10.0
Unit value32.9−19.71.88.531.9
Nutmeg
Value25.072.4−20.214.7−6.4
Volume−18.514.5−35.946.1−10.0
Unit value53.350.624.6−21.54.0
Mace
Value18.337.5−22.9−25.9−6.4
Volume−2.939.1−15.63.4−10.0
Unit value21.8−1.1−8.6−28.44.0
Fish
Value−5.2−9.52.618.216.0
Volume−2.611.2−15.220.011.5
Unit value−2.6−18.621.0−1.54.0
Paper products
Value33.710.2−9.0−5.2−11.6
Flour
Value58.026.629.14.75.1
Electronic components 2/
Value205.6168.829.1−43.20.5
Other
Value−3.14.40.6−26.30.2
Sources: Central Statistics Office, Ministry of Finance; and Fund staff estimates.

Excludes goods procured in ports by carriers.

Figures are estimates for one company only for which there is no supporting customs documentation.

Sources: Central Statistics Office, Ministry of Finance; and Fund staff estimates.

Excludes goods procured in ports by carriers.

Figures are estimates for one company only for which there is no supporting customs documentation.

Table 18.Grenada: Merchandise Imports, c.i.f.
Prel.
19981999200020012002
(In millions of U.S. dollars)
Recorded imports203.6205.4245.9219.1233.2
Food37.437.338.838.138.7
Beverages and tobacco3.43.85.04.66.0
Crude materials5.05.67.04.75.6
Fuel11.318.522.322.323.0
Animal and vegetable oils0.60.50.50.50.9
Chemicals14.314.616.123.225.9
Manufactured goods50.438.241.337.439.1
Machinery and transport equipment58.659.680.560.463.9
Miscellaneous manufactured goods22.727.334.328.030.1
(In percent of recorded imports)
Food18.418.115.817.416.6
Beverages and tobacco1.61.92.02.12.6
Crude materials2.42.72.82.12.4
Fuel5.59.09.110.29.8
Animal and vegetable oils0.30.30.20.20.4
Chemicals7.07.16.610.611.1
Manufactured goods24.718.616.817.116.8
Machinery and transport equipment28.829.032.727.527.4
Miscellaneous manufactured goods11.213.313.912.812.9
(Percentage changes)
Food18.00.919.7−10.96.4
Beverages and tobacco0.6−0.44.1−1.91.7
Crude materials41.613.431.6−7.528.6
Fuel−8.112.924.2−32.918.8
Animal and vegetable oils−17.264.420.40.22.8
Chemicals−9.8−14.62.0−1.479.3
Manufactured goods12.02.010.943.811.7
Machinery and transport equipment56.7−24.18.1−9.54.5
Miscellaneous manufactured goods31.51.635.1−25.05.9
Source: Central Statistical Office (CSO), Ministry of Finance.
Source: Central Statistical Office (CSO), Ministry of Finance.
Table 19.Grenada: Direction of Trade
Prel.
19981999200020012002
(In millions of Eastern Caribbean dollars)
Merchandise exports (f.o.b.)112.2187.6211.0160.7161.1
Canada1.52.82.01.81.8
CARICOM28.029.133.134.835.8
EU33.662.563.756.255.6
United Kingdom3.24.23.11.91.9
Other30.458.360.654.353.7
United States39.483.4102.262.362.7
Central and South America3.63.73.03.53.4
Other6.16.17.02.11.8
Merchandise imparts (c.i.f.)550.1554.7664.1591.8572.1
Canada17.319.417.616.313.2
CARICOM154.2151.7162.6156.0146.4
EU78.266.794.468.571.5
United Kingdom52.043.958.741.334.5
Other26.222.835.727.237.0
Japan27.730.528.224.117.8
United States216.4229.9293.5269.1262.1
Central and South America19.023.928.725.126.6
Other37.332.639.132.734.5
(In percent of total)
Merchandise exports (f.o.b.)
Canada1.31.50.91.11.1
CARICOM25.015.515.721.722.2
EU29.933.330.235.034.5
United Kingdom2.92.21.51.21.2
Other27.131.128.733.833.3
United States35.144.548.438.838.9
Central and South America3.22.01.42.22.1
Other5.43.33.31.31.1
Merchandise imports (c.i.f.)
Canada3.13.52.72.82.3
CARICOM28.027.324.526.425.6
EU14.212.014.211.612.5
United Kingdom9.57.98.87.06.0
Other4.84.15.44.66.5
Japan5.05.54.24.13.1
United States39.341.444.245.545.8
Venezuela3.54.34.34.24.6
Other6.85.95.95.56.0
Source: Central Statistical Office (CSO), Ministry of Finance.
Source: Central Statistical Office (CSO), Ministry of Finance.
Table 20.Grenada: External Trade Volume, Unit Value, and Terms of Trade
Prel.
19981999200020012002
(Indices, 1999 = 100)
Value:
Exports77.7100.0107.589.890.5
Merchandise exports58.8100.0110.783.483.5
Tourism91.8100.0105.094.695.8
Merchandise imports99.2100.0119.7106.7113.5
Unit values:
Exports94.8100.0104.7100.7100.4
Merchandise exports93.1100.099.995.195.9
Tourism95.7100.0108.7104.8103.5
Merchandise imports105.5100.0100.297.094.3
Volumes:
Exports81.9100.0102.789.290.2
Merchandise exports63.1100.0110.887.787.0
Tourism96.0100.096.690.392.6
Merchandise imports94.0100.0119.5110.0120.4
Terms of trade
Merchandise goods88.2100.099.798.0101.8
Goods and tourism89.9100.0104.5103.9106.5
(Annual percentage change)
Value:
Exports10.228.77.5−16.40.8
Merchandise exports40.970.110.7−24.70.1
Tourism−0.28.95.0−9.91.2
Merchandise imports18.10.919.7−10.96.4
Unit values:
Exports1.45.54.7−3.8−0.3
Merchandise exports20.87.4−0.14.80.9
Tourism−5.14.58.7−3.6−1.2
Merchandise imports−7.7−5.20.2−3.2−2.8
Volumes:
Exports8.722.12.7−13.21.1
Merchandise exports16.658.410.8−20.9−0.8
Tourism5.24.2−3.4−6.52.5
Merchandise imports28.06.419.5−7.99.5
Terms of trade
Merchandise goods30.913.3−0.3−1.73.8
Goods and tourism9.811.34.5−0.62.5
Sources: Central Statistical Office (CSO), Ministry of Finance; and Fund staff estimates.
Sources: Central Statistical Office (CSO), Ministry of Finance; and Fund staff estimates.
Table 21.Grenada: Selected Tourism Statistics
January to September
199819992000200120012002
Total arrivals (thousands)391.7379.0316.5277.6205.8195.2
Stayover arrivals97.1107.0110.8108.486.192.6
United States31.534.732.532.225.930.1
Canada5.36.14.85.44.63.7
West Indies18.722.024.127.521.825.5
United Kingdom23.326.232.228.58.88.4
Germany4.04.34.63.72.72.0
Other14.313.712.511.022.322.9
Cruiseship passengers265.9245.5180.3147.48.27.5
Nonresident Grenadians18.718.318.115.011.65.5
Excursionists10.08.27.46.80.90.5
Volume of tourism (thousand days)1123.11170.81115.51046.0814.0806.1
Stayover arrivals 1/852.2917.1927.8891.8705.8708.9
Cruiseship passengers265.9245.5180.3147.4102.794.1
Excursionists10.08.27.46.85.53.1
Average daily expenditure per visitor (US$)
Stayover arrivals 1/65.967.771.967.767.766.7
Cruiseship passengers18.318.318.218.318.318.9
Excursionists24.424.424.424.424.425.2
Total recorded expenditure (US$ million)61.366.870.263.249.849.1
Stayover arrivals 1/56.262.166.760.447.847.3
Cruiseship passengers4.94.53.32.7191.8
Excursionists0.20.20.20.20.10.1
Adjusted total expenditure (US$ million) 2/81.088.292.683.565.764.9
(Percentage share of stayover visitors)
United States32.532.429.429.730.132.5
Canada5.55.74.45.05.34.0
West Indies19.320.621.825.425.327.6
United Kingdom24.024.529.126.310.39.0
Germany4.14.04.13.43.12.2
Other14.712.811.310.225.924.7
(Annual percentage changes)
Total arrivals6.3−3.2−16.5−12.3−5.1
Stayover visitors4.68.22.9−4.30.4
Total expenditure (US$ million)3.38.95.1−9.9−8.4
Volume of tourism (days)4.43.8−4.7−6.2−43.8
Sources: Grenada Tourist Board; and Eastern Caribbean Central Bank.

Including nonresident Grenadians.

Recorded expenditure adjusted for under-reporting.

Sources: Grenada Tourist Board; and Eastern Caribbean Central Bank.

Including nonresident Grenadians.

Recorded expenditure adjusted for under-reporting.

Table 22.Grenada: Effective Exchange Rate Indices

(1990 = 100)

Real EffectiveNominal Effective
Exchange RateExchange Rate
Average
1998104.9169.6
I106.0170.8
II106.1171.6
III104.5169.0
IV102.8167.1
1999105.4172.8
I106.2174.1
II107.2175.8
III105.3174.1
IV106.0175.1
2000108.6179.3
I107.6177.6
II108.1179.7
III112.9184.9
IV112.0184.5
2001113.6186.9
I112.5185.8
II115.6190.3
III114.4186.8
IV115.5188.5
2002113.9186.8
I114.7190.1
II112.8184.7
III112.6184.1
End of Period
1996101.8161.6
1997105.1169.6
1998102.8167.1
1999106.0175.1
2000112.0184.5
2001115.5188.5
Source: IMF Information Notice System.
Source: IMF Information Notice System.

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