Ludwig von Mises Institute

Grenada

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Country summary

Capital

Saint George's

Borders

(N/A)

Government type

parliamentary democracy and a Commonwealth realm

Population

90,739 (July 2010 est.)[1]

Population growth

0.468% (2010 est.)[1]

Life expectancy

65.95 years[1]

Unemployment

12.5% (2000)[1]

Doing Business ranking

91[2]


Carib Indians inhabited Grenada when COLUMBUS discovered the island in 1498, but it remained uncolonized for more than a century. The French settled Grenada in the 17th century, established sugar estates, and imported large numbers of African slaves. Britain took the island in 1762 and vigorously expanded sugar production. In the 19th century, cacao eventually surpassed sugar as the main export crop; in the 20th century, nutmeg became the leading export. In 1967, Britain gave Grenada autonomy over its internal affairs. Full independence was attained in 1974 making Grenada one of the smallest independent countries in the Western Hemisphere. Grenada was seized by a Marxist military council on 19 October 1983. Six days later the island was invaded by US forces and those of six other Caribbean nations, which quickly captured the ringleaders and their hundreds of Cuban advisers. Free elections were reinstituted the following year and have continued since that time. Hurricane Ivan struck Grenada in September of 2004 causing severe damage.[1]

Economical characteristics[edit]

  • Currency: East Caribbean dollar (ISO code: XCD)
  • This country does not seem to have a central bank.
  • Central bank discount rate: 6.5% (31 December 2008)[1]
  • Commercial banks lending rate: 9.53% (31 December 2008)[1]
  • Stock of money (M1): $141.4 million (31 December 2008)[1]
  • Quasi money (with M1 makes M2): $578.1 million (31 December 2008)[1]


Statistics[edit]

Statistic / Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP (million USD)[3] 380 430 422 437 480 469 554 564 608 638
Govt. debt (% of GDP)[4]
Govt. revenue (% of GDP)[5]
Govt. expenses (% of GDP)[6]
Debt to revenue (years)

References[edit]

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 CIA - The World Factbook. "Grenada", from The World Factbook. Referenced 2010-09-30.
  2. ↑ Doing Business. "Grenada", Doing Business 2010 (part of The World Bank Group). A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.
  3. ↑ World Bank. "Grenada: GDP", from World Bank Data. Referenced 2010-09-30.
  4. ↑ World Bank. "Grenada: government debt", from World Bank Data. Referenced 2010-09-30.
  5. ↑ World Bank. "Grenada: government revenue", from World Bank Data. Referenced 2010-09-30.
  6. ↑ World Bank. "Grenada: government expenses", from World Bank Data. Referenced 2010-09-30.

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