Market Research In Grenada

Grenada Profile:

  • Grenada is a sovereign state in the south eastern Caribbean Sea consisting of the island of Grenada and six smaller islands.
  • Grenada is the world’s second largest producer of nutmeg (after Indonesia), with nutmeg depicted on the Grenadian flag.
  • MITCHELL in 2013 announced a structural adjustment program that includes a plan to increase tax revenue.
  • Hurricanes Ivan (2004) and Emily (2005) severely damaged the agricultural sector. Grenada has rebounded from the devastating effects of the hurricanes but is now saddled with the debt burden from the rebuilding process.
  • Grenada is a full and participating member of both the Caribbean Community (CARICOM) and the Organisation of Eastern Caribbean States (OECS).

Grenada Economy:

  • Grenada relies on tourism as its main source of foreign exchange especially since the construction of an international airport in 1985.
  • Strong performance in construction and manufacturing, together with the development of tourism and higher education – especially in medicine – contributed to growth in national output.
  • Tourism is Grenada’s main economic force. The tourism industry is increasing dramatically with the construction of a large cruise ship pier and esplanade.
  • Grenada is a leading producer of several different spices. Cinnamon, cloves, ginger, mace, allspice, orange/citrus peels, wild coffee used by the locals, and especially nutmeg, providing 20% of the world supply, are all important exports.
  • Economic growth remained stagnant in the 2010-14 period, after a sizable contraction in 2009, because of the global economic slowdown’s effects on tourism and remittances

Grenada Facts:

  • Population:  111,724
  • Capital: St. George’s
  • Largest city: St. George’s
  • Area: 344 sq km
  • Major language: English (official), French patois
  • Major religion: Protestant 49.2%, Roman Catholic 36%, Jehovah’s Witness 1.2%, Rastafarian 1.2%, other 5.5%
  • Life expectancy: 71.9 years (Male), 77.4 years (Female)
  • Monetary unit: 1 East Caribbean Dollar(EC$, XCD) = 100 Cents
  • Main exports: Nutmeg, bananas, cocoa, fruit and vegetables, clothing, mace
  • GNI per Capita: $13,750

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