© 2008 International Monetary Fund
October 2008
IMF Country Report No. 08/352
Grenada: Statistical Appendix
This Statistical Appendix for Grenada was prepared by a staff team of the International Monetary Fund
as background documentation for the periodic consultation with the member country. It is based on the
information available at the time it was completed on September 11, 2007. The views expressed in this
document are those of the staff team and do not necessarily reflect the views of the Government of
Grenada or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of
market-sensitive information.
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International Monetary Fund
Washington, D.C.
INTERNATIONAL MONETARY FUND
GRENADA
Statistical Appendix
Prepared by a staff team consisting of
Nancy Wagner, Pablo Druck, and Hunter Monroe (all WHD)
Approved by the Western Hemisphere Department
September 11, 2007
Contents
Page
Basic Data .....................................................................................................................................2
Tables
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
GDP by Economic Activity at Current Factor Cost, 2002–06 ..............................................4
GDP by Economic Activity at Constant Factor Cost, 2002–06 ............................................5
Output and Prices of Major Agricultural Export Crops, 2002–06 ........................................6
Consumer Price Index, 2002–06 ...........................................................................................7
Summary Finances of the Central Government, 2002–06 ....................................................8
Summary Finances of the Central Government (in percent of GDP), 2002–06....................9
Central Government Revenue and Grants, 2002–06...........................................................10
Central Government Revenue and Grants (in percent of GDP), 2002–06 ..........................11
Central Government Social Expenditure, 2002–06.............................................................12
Operations of the National Insurance Scheme, 2002–06 ....................................................13
Consolidated Accounts of the Banking System, 2002–06 ..................................................14
Summary Operations of the Eastern Caribbean Central Bank, 2002–06 ............................15
Consolidated Accounts of the Commercial Banks, 2002–06..............................................16
Distribution of Commercial Banks Loans and Advance, 2002–06 .....................................17
Selected Interest Rates, 2002–06.........................................................................................18
Balance of Payments, 2002–06 ...........................................................................................19
Merchandise Exports, f.o.b, 2002–06..................................................................................20
Merchandise Imports, c.i.f. , 2002–06.................................................................................22
Direction of Trade, 2002–06 ...............................................................................................23
External Trade Volume, Unit Value, and Terms of Trade, 2002–06 ..................................24
Selected Tourism Statistics, 2002–06 .................................................................................25
Effective Exchange Rate Indices, 2002–06.........................................................................26
Public Sector Debt, 2002–06...............................................................................................27
2
Grenada: Basic Data
I. Social and Demographic Indicators
Area (sq. km)
344.0
Adult literacy rate (percent, 2004)
Population (thousands, 2006)
Density (per sq.km., 2006)
107.1
311.5
Health and Nutrition
Caloric intake (per capita a day, 2002)
Access to safe water (percent, 2004)
Physicians (per 10,000 persons, 1999)
AIDS incidence rate
(per 10,000 persons, 2003)
Gross Domestic Product (US$ millions, 2006)
US$ per capita
Population characteristics (2004)
Life expectancy at birth (years)
Infant mortality (per thousand live births)
Under 5 mortality rate (per thousand)
73.2
18.0
21.0
96.0
2,932
95.0
8.1
2.5
524.9
4,899
II. Economic Indicators, 2002–06
2002
2003
2004
2005
2006
10.4
23.1
75.9
9.4
9.2
23.3
77.7
10.2
5.9
31.0
72.0
8.9
7.5
28.2
72.7
8.4
(Annual percentage changes, unless otherwise specified)
National accounts and prices
Real GDP
1.2
6.4
-6.5
GDP deflator
1.5
0.9
4.2
Consumer price index (end of period)
2.3
1.6
2.5
Consumer price index (period average)
1.1
2.2
2.3
12.7
2.9
5.8
3.5
0.7
3.0
1.7
4.2
Origin of GDP at factor cost
Agriculture and mining
Manufacturing, construction, and utilities
Services and others
Less: imputed banking charges
(In percent of GDP)
10.8
22.5
75.6
8.8
(In percent of GDP)
Public finances
Central government
Total revenue and grants
Of which
Grants
Total expenditure 1/
Of which
Interest
Current balance
Primary balance 1/
Overall balance 1/
Total public sector debt, in percent of GDP 2/
28.8
34.4
33.4
37.6
36.1
2.1
47.8
6.9
39.2
7.5
36.2
11.3
37.1
9.3
43.0
4.7
0.6
-14.4
-19.0
108.8
5.2
3.2
0.4
-4.8
109.6
6.5
-2.4
3.7
-2.8
130.7
2.2
4.1
2.7
0.5
120.2
2.2
4.0
-4.6
-6.8
125.4
(Annual change in percent of M2 at the beginning of period, unless otherwise specified)
Money and credit
Broad money
7.1
8.0
17.7
-1.0
Of which
Money and credit
1.8
2.5
7.9
-1.7
Quasi money
5.3
5.5
9.8
0.7
Net domestic assets of the banking system
-3.7
2.2
-0.2
18.3
Of which
Credit to the public sector (net)
-4.5
2.3
-6.5
-1.1
Credit to the private sector
0.9
3.1
5.0
6.2
Broad money, in percent of GDP
105.3
104.8
126.9
107.0
Deposit interest rate (average, in percent) 3/
3.2
3.4
2.8
2.8
Lending interest rate (average, in percent) 3/
10.5
12.4
10.0
10.2
0.9
-0.4
1.3
7.3
0.2
9.2
104.6
3.0
9.7
3
Grenada: Basic Data
2002
2003
2004
2005
2006
(In millions of U.S. dollars, unless otherwise specified)
Balance of payments
Current account
Merchandise trade balance
Exports
Imports
Services (net)
Of which
Travel (net)
Income (net)
Transfers (net)
Capital and financial account
Capital account (transfers)
Financial account
Of which
Public sector net borrowing 2/
Direct investment (net)
Portfolio investment (net)
Other investments (net)
Net errors and omissions
Overall balance
Merchandise exports (in percent of GDP)
Merchandise imports (in percent of GDP)
Current account (in percent of GDP)
Merchandise exports
(In U.S. dollars, annual percentage change)
Merchandise imports
(In U.S. dollars, annual percentage change)
Terms of trade (annual percentage change)
Real effective exchange rate (12-month percentage change) 4/
International reserve position and
external debt (at end year)
Total ECCB gross international reserves
Of which
Grenada imputed net international reserves
Grenada commercial banks' net foreign assets
Outstanding external public debt, in percent of GDP 2/
Public gross external amortization ratio 5/
Public gross external interest ratio 5/
-130.3
-139.6
41.4
-181.0
38.8
-143.5
-180.9
45.5
-226.4
51.0
-53.6
-198.4
36.9
-235.4
67.2
-126.5
-247.6
34.9
-282.5
29.2
-125.7
-230.6
29.4
-260.0
39.0
81.3
-52.9
23.3
135.1
31.8
103.3
95.3
-50.1
36.5
129.4
43.2
86.2
74.6
-43.2
120.9
85.9
33.2
52.8
68.4
-22.2
114.1
116.1
41.0
75.1
92.1
-25.5
91.4
177.9
62.7
115.1
113.7
57.6
107.7
-62.0
26.4
31.2
39.7
89.2
29.9
-32.9
-3.0
-17.2
46.4
54.0
40.4
-41.6
18.0
50.4
24.7
48.6
16.4
10.2
-17.0
-27.5
17.0
51.1
-0.1
64.2
-60.3
-8.1
10.1
-44.1
-31.7
10.2
-50.8
-32.2
8.5
-54.3
-12.4
6.9
-55.6
-24.9
5.6
-49.5
-23.9
-34.9
10.0
-18.9
-5.5
-15.6
-7.8
-1.6
-3.2
25.1
-2.9
-5.2
3.9
-10.5
-3.5
20.0
-0.7
5.6
-8.0
-9.2
-4.6
504.8
539.9
632.4
600.8
696.0
87.8
33.5
83.2
63.1
121.7
108.2
94.2
29.8
99.8
-10.5
82.9
6.1
11.3
79.9
5.9
12.7
96.0
9.5
13.9
86.0
5.3
5.6
87.1
6.3
7.2
IMF data (as of July 31, 2007)
Membership status:
Intervention currency and rate
Quota
Fund holdings of national currency
(as percent of quota)
Outstanding purchases and loans: (emergency assistance)
SDR department: holdings
Article VIII
EC$2.70=US$1
SDR 11.70 million
SDR 15.36 million
131.27 percent
SDR 5.22 million
SDR 0.08 million
Sources: Ministry of Finance; Eastern Caribbean Central Bank; World Bank; and Fund staff estimates.
1/ Includes 11.4 percent of GDP paid in 2002 to extinguish lease arrangements, and reflected in capital expenditures.
2/ Includes central government debt, government-guaranteed debt, and nonguaranteed public enterprise debt.
3/ Break in the data series in 2003.
4/ End of period.
5/ In percent of exports of goods and services.
4
Table 1. Grenada: GDP by Economic Activity at Current Factor Cost, 2002–06
2002
2003
2004
2005
2006
(In millions of Eastern Caribbean dollars)
Gross domestic product
907.7
975.1
949.8
1,101.4
1,142.3
Primary sector
Agriculture
Crops
Livestock
Forestry
Fishing
Mining and quarrying
Secondary sector
Manufacturing
Construction
Electricity and water
97.7
92.6
60.5
5.1
3.1
23.9
5.1
204.1
62.3
80.9
61.0
101.4
94.3
58.0
5.2
3.1
27.9
7.2
225.6
60.7
102.3
62.6
87.4
81.3
50.7
4.7
2.5
23.4
6.1
221.2
53.0
109.7
58.4
64.5
57.8
24.9
5.8
2.4
24.7
6.6
341.6
64.4
215.0
62.3
86.2
76.9
41.7
6.7
2.5
25.9
9.3
321.9
67.6
182.7
71.6
Services
Wholesale and retail trade
Hotels and restaurants
Transport
Communications
Banking and insurance
Real estate and housing
Government services
Other services
Less: imputed banking charges
685.9
98.2
73.4
122.8
65.1
99.8
32.6
165.7
28.2
80.1
739.8
107.8
85.4
132.7
62.7
115.5
33.8
172.3
29.6
91.7
738.3
88.4
76.0
148.2
55.8
116.7
30.4
197.4
25.5
97.1
792.9
121.8
45.5
186.3
70.0
115.3
29.9
196.8
27.4
97.6
830.5
111.3
72.5
189.9
71.0
116.7
33.7
206.5
29.1
96.4
(In percent of GDP)
100.0
100.0
10.8
10.4
10.2
9.7
6.7
5.9
0.6
0.5
0.3
0.3
2.6
2.9
0.6
0.7
100.0
9.2
8.6
5.3
0.5
0.3
2.5
0.6
100.0
5.9
5.3
2.3
0.5
0.2
2.2
0.6
100.0
7.5
6.7
3.7
0.6
0.2
2.3
0.8
23.3
5.6
11.5
6.2
77.7
9.3
8.0
15.6
5.9
12.3
3.2
20.8
2.7
10.2
31.0
5.8
19.5
5.7
72.0
11.1
4.1
16.9
6.4
10.5
2.7
17.9
2.5
8.9
28.2
5.9
16.0
6.3
72.7
9.7
6.3
16.6
6.2
10.2
2.9
18.1
2.5
8.4
Gross domestic product
Primary sector
Agriculture
Crops
Livestock
Forestry
Fishing
Mining and quarrying
Secondary sector
Manufacturing
Construction
Electricity and water
Services
Wholesale and retail trade
Hotels and restaurants
Transport
Communications
Banking and insurance
Real estate and housing
Government services
Other services
Less: imputed banking charges
22.5
6.9
8.9
6.7
75.6
10.8
8.1
13.5
7.2
11.0
3.6
18.3
3.1
8.8
Source: Central Statistical Office (CSO), Ministry of Finance.
23.1
6.2
10.5
6.4
75.9
11.1
8.8
13.6
6.4
11.8
3.5
17.7
3.0
9.4
5
Table 2. Grenada: GDP by Economic Activity at Constant Factor Cost, 2002–06
2002
2003
2004
2005
2006
678.6
62.7
43.3
4.1
2.2
13.0
5.2
45.3
39.6
72.7
65.4
53.5
104.4
68.2
26.5
9.7
71.4
86.0
26.0
104.1
17.8
75.4
765.1
36.8
17.1
5.1
2.1
12.5
5.7
53.1
41.5
142.5
87.1
30.8
126.2
88.2
30.0
8.1
89.5
85.1
24.9
99.3
18.5
75.7
770.7
47.7
27.1
5.9
2.2
12.6
8.0
53.7
46.9
121.1
76.6
46.3
113.4
78.0
26.7
8.7
94.9
86.1
27.3
104.2
19.2
74.8
-6.5
-7.5
-3.3
-10.0
-19.4
-16.7
-15.3
-14.6
-7.9
7.2
-19.9
-13.1
10.1
13.3
7.4
-2.7
-16.6
1.0
-10.0
3.2
-15.7
5.9
12.7
-41.2
-60.7
23.5
-3.2
-3.5
9.0
17.4
4.7
96.0
33.3
-42.5
20.9
29.3
13.1
-16.9
25.4
-1.1
-4.3
-4.6
4.0
0.5
0.7
29.7
59.0
15.1
2.5
0.3
41.0
1.1
13.0
-15.0
-12.1
50.6
-10.2
-11.5
-10.9
7.6
6.1
1.2
10.0
5.0
4.0
-1.3
(In millions of 1990 Eastern Caribbean dollars)
GDP at constant factor cost
Agriculture
Crops
Livestock
Forestry
Fishing
Mining and quarrying
Manufacturing
Electricity and water
Construction
Wholesale and retail trade
Hotels and restaurants
Transport
Road transport
Sea transport
Air transport
Communications
Banks and insurance
Real estate and housing
Government services
Other services
Less: imputed service charges
682.1
66.4
45.4
4.5
2.7
13.8
4.4
54.3
40.3
53.6
76.0
54.1
88.2
56.6
22.7
9.0
84.0
78.9
28.4
98.8
20.6
65.9
726.1
67.7
44.8
4.6
2.7
15.6
6.2
53.0
43.0
67.8
81.6
61.6
94.8
60.2
24.7
10.0
85.6
85.2
28.9
100.8
21.1
71.1
(Annual percentage change)
GDP at constant factor cost
Agriculture
Crops
Livestock
Forestry
Fishing
Mining and quarrying
Manufacturing
Electricity and water
Construction
Wholesale and retail trade
Hotels and restaurants
Transport
Road transport
Sea transport
Air transport
Communications
Banks and insurance
Real estate and housing
Government services
Other services
Less: imputed service charges
1.2
20.3
23.2
1.4
1.1
22.6
-15.1
-3.8
3.3
1.0
0.5
5.6
1.8
-0.1
6.7
2.2
-11.4
6.1
1.5
6.6
-14.5
6.1
Source: Central Statistical Office (CSO), Ministry of Finance.
6.4
2.0
-1.3
2.0
1.1
13.1
40.4
-2.4
6.7
26.5
7.4
13.8
7.5
6.4
8.7
11.3
1.9
8.0
1.5
2.1
2.4
8.0
6
Table 3. Grenada: Output and Prices of Major Agricultural Export Crops, 2002-06
2002
2003
2004
2005
2006
0.40
2.12
2.00
3.88
0.76
2.02
3.31
4.42
0.58
2.45
3.99
4.69
1,445.7
1,678.4
6,023.6
274.9
421.2
91.9
312.1
15.9
2,572.0
200.3
493.4
27.3
(Average, in Eastern Caribbean dollars per pound)
Producer prices 1/
Banana
Cocoa
Nutmeg
Mace
0.35
1.82
3.83
3.09
0.37
1.82
3.08
3.24
(In thousands of pounds)
Output
Banana 2/
Cocoa 2/
Nutmeg 2/
Mace
2,238.2
1,927.9
6,766.1
418.6
1,751.6
1,360.3
5,361.2
368.4
(Annual percentage change)
Producer prices
Banana
Cocoa
Nutmeg
Mace
Output
Banana
Cocoa
Nutmeg
Mace
8.1
19.3
28.2
-14.4
5.7
0.0
-19.6
4.5
8.1
16.6
-35.1
19.8
90.0
-4.8
65.5
13.9
-23.7
21.3
20.5
6.2
3.4
27.1
40.9
10.6
-21.7
-29.4
-20.8
-12.0
-17.5
23.4
12.4
-25.4
-70.9
-94.5
-94.8
-94.2
510.6
118.0
58.1
71.7
Source: Central Statistical Office (CSO), Ministry of Finance.
1/ Based on the purchase price of cooperative societies and associations.
2/ For 2002−04, includes cooperative society production and nonsociety production.
7
Table 4. Grenada: Consumer Price Index, 2002–06
(Index, January 2001 = 100)
2002
2003
2004
2005
2006
103.2
100.2
103.7
100.1
101.9
100.0
106.7
115.5
108.6
104.0
100.0
102.6
105.6
103.4
104.5
99.0
103.9
103.3
106.6
115.3
113.8
107.7
100.0
104.5
109.3
107.7
106.7
98.5
112.1
116.3
105.7
114.8
117.2
110.9
100.9
102.4
113.9
114.1
108.1
98.6
118.5
126.5
106.1
116.2
122.7
113.1
101.1
104.4
2.2
0.7
0.9
-0.5
2.1
3.9
4.2
9.5
3.1
3.5
0.0
1.8
2.3
3.2
0.8
-1.1
2.0
3.3
-0.1
-0.2
4.7
3.6
0.0
1.8
3.5
4.2
2.1
-0.5
7.9
12.6
-0.9
-0.4
3.0
3.0
0.9
-2.0
4.2
5.9
1.3
0.1
5.6
8.8
0.4
1.2
4.7
2.0
0.2
2.0
104.2
101.8
103.9
98.7
102.9
100.3
106.8
115.8
109.8
107.8
100.0
104.2
106.8
104.7
105.7
98.9
106.0
107.2
105.9
114.8
115.4
110.0
100.0
102.8
113.0
112.0
107.9
98.5
116.5
138.5
105.8
115.1
119.9
112.7
101.1
102.6
114.9
116.7
108.2
98.7
121.8
123.1
106.3
117.1
121.0
113.3
101.1
104.8
(Annual percentage change)
2.3
1.6
-1.4
2.4
2.3
0.4
0.7
-2.1
-1.5
3.9
2.8
1.5
6.4
0.3
13.8
0.7
8.0
1.2
4.4
6.2
0.0
0.0
1.4
2.6
2.5
2.8
1.7
0.2
3.0
6.9
-0.8
-0.9
5.0
2.0
0.0
-1.3
5.8
6.9
2.1
-0.4
9.9
29.3
-0.1
0.2
3.9
2.5
1.1
-0.2
1.7
4.3
0.2
0.2
4.5
-11.1
0.5
1.8
1.0
0.6
0.0
2.2
I. Period Averages
All items
Food and beverages
Tobacco and alcohol
Clothing and footwear
Accommodation
Fuel and light
Household furniture and furnishing
Medical care and health expenses
Transportation and communication
Education
Personal services
Other expenses
101.0
99.5
102.8
100.7
99.8
96.2
102.4
105.5
105.3
100.4
100.0
100.9
(Annual percentage change)
All items
Food and beverages
Tobacco and alcohol
Clothing and footwear
Accommodation
Fuel and light
Household furniture and furnishing
Medical care and health expenses
Transportation and communication
Education
Personal services
Other expenses
1.1
-0.4
2.1
0.5
-0.5
-1.8
2.3
5.0
5.1
0.7
0.0
0.6
II. End of Period
All items
Food and beverages
Tobacco and alcohol
Clothing and footwear
Accommodation
Fuel and light
Household furniture and furnishing
Medical care and health expenses
Transportation and communication
Education
Personal services
Other expenses
All items
Food and beverages
Tobacco and alcohol
Clothing and footwear
Accommodation
Fuel and light
Household furniture and furnishing
Medical care and health expenses
Transportation and communication
Education
Personal services
Other expenses
102.5
99.5
103.5
100.8
99.0
98.8
106.6
115.0
108.6
101.6
100.0
101.5
Source: Central Statistical Office (CSO), Ministry of Finance.
8
Table 5. Grenada: Summary Finances of the Central Government, 2002–06
(In millions of Eastern Caribbean dollars)
2002
2003
2004
2005
2006
Total revenue and grants
318.8
413.2
390.7
515.7
511.9
Total revenue
Current revenue
Tax revenue
Nontax revenue
Capital revenue
295.2
292.5
262.4
30.1
2.7
330.3
330.0
298.3
31.8
0.3
302.5
301.2
278.8
22.3
1.3
360.1
359.8
344.0
15.8
0.3
379.7
379.6
353.5
26.0
0.1
23.5
82.9
88.2
155.6
132.2
529.8
285.4
114.1
10.5
47.5
51.8
12.7
39.1
61.4
0.0
22.7
8.0
1.9
28.8
244.4
470.8
291.6
118.4
12.0
40.5
62.5
17.2
45.2
58.3
6.5
19.7
6.5
0.5
25.1
179.1
423.4
329.6
135.0
15.3
48.0
75.8
21.1
54.7
55.5
0.0
17.8
5.2
0.8
31.8
93.8
508.9
303.0
134.7
15.6
68.2
29.9
15.8
14.0
54.6
0.0
21.4
4.4
0.6
28.2
206.0
608.9
323.1
135.3
17.1
71.1
31.6
9.9
21.6
68.0
0.0
25.2
9.4
0.5
32.9
285.8
Grants
Total expenditure
Current expenditure
Salaries and wages
Allowances
Goods and services
Interest payments
Domestic
Foreign
Transfers and subsidies
Transfers to private sector
Grants and subventions
Transfers abroad
Transfers to statutory boards
Transfers to households
Capital expenditure 1/
7.1
38.4
-28.4
56.8
56.5
Primary balance (after grants) 1/
Current balance
-159.3
4.9
43.1
36.6
-65.4
Overall balance (before grants) 1/
-234.6
-140.5
-120.8
-148.8
-229.2
Overall balance (after grants) 1/
-211.1
-57.6
-32.7
6.7
-97.0
Financing
Foreign (net)
Loans (net)
Disbursements
Amortization
Change in government assets
Petrocaribe Ltd.
Domestic (net)
Privatization proceeds
Arrears
223.2
287.1
287.1
312.4
-25.3
0.0
0.0
-21.1
2.5
-45.4
113.5
39.7
39.7
66.6
-26.9
0.0
0.0
73.6
0.3
0.0
51.8
67.9
111.7
157.5
-45.9
-43.7
0.0
-38.1
0.0
22.0
-6.5
25.7
25.7
40.0
-14.3
0.0
0.0
-32.2
0.0
0.0
124.6
54.8
54.8
73.8
-19.0
0.0
0.0
30.2
8.8
30.8
Statistical discrepancy
-12.1
-56.0
-19.1
0.2
-27.7
Sources: Ministry of Finance; and Fund staff estimates.
1/ EC$123.6 million was paid in 2002 to extinguish the lease arrangements on the National
Stadium and Ministerial Complex, and reflected in capital expenditures.
9
Table 6. Grenada: Summary Finances of the Central Government, 2000–06
(In percent of GDP)
2002
2003
2004
2005
2006
Total revenue and grants
28.8
34.4
33.4
37.6
36.1
Total revenue
Current revenue
Tax revenue
Nontax revenue
Capital revenue
26.6
26.4
23.7
2.7
0.2
27.5
27.4
24.8
2.6
0.0
25.9
25.8
23.8
1.9
0.1
26.2
26.2
25.1
1.2
0.0
26.8
26.8
24.9
1.8
0.0
2.1
6.9
7.5
11.3
9.3
47.8
25.7
10.3
0.9
4.3
4.7
1.1
3.5
5.5
0.0
2.0
0.7
0.2
2.6
22.0
39.2
24.3
9.8
1.0
3.4
5.2
1.4
3.8
4.8
0.5
1.6
0.5
0.0
2.1
14.9
36.2
28.2
11.5
1.3
4.1
6.5
1.8
4.7
4.7
0.0
1.5
0.4
0.1
2.7
8.0
37.1
22.1
9.8
1.1
5.0
2.2
1.2
1.0
4.0
0.0
1.6
0.3
0.0
2.1
15.0
43.0
22.8
9.5
1.2
5.0
2.2
0.7
1.5
4.8
0.0
1.8
0.7
0.0
2.3
20.2
0.6
3.2
-2.4
4.1
4.0
Primary balance (after grants) 1/
-14.4
0.4
3.7
2.7
-4.6
Overall balance (before grants) 1/
-21.2
-11.7
-10.3
-10.8
-16.2
Overall balance (after grants) 1/
-19.0
-4.8
-2.8
0.5
-6.8
Financing
Foreign (net)
Loans (net)
Disbursements
Amortization
Change in government assets
Petrocaribe Ltd.
Domestic (net)
Privatization proceeds
Arrears
20.1
25.9
25.9
28.2
-2.3
0.0
0.0
-1.9
0.2
-4.1
9.4
3.3
3.3
5.5
-2.2
0.0
0.0
6.1
0.0
0.0
4.4
5.8
9.6
13.5
-3.9
-3.7
0.0
-3.3
0.0
1.9
-0.5
1.9
1.9
2.9
-1.0
0.0
0.0
-2.3
0.0
0.0
8.8
3.9
3.9
5.2
-1.3
0.0
0.0
2.1
0.6
2.2
Statistical discrepancy
-1.1
-4.7
-1.6
0.0
-2.0
Grants
Total expenditure
Current expenditure
Salaries and wages
Allowances
Goods and services
Interest payments
Domestic
Foreign
Transfers and subsidies
Transfers to private sector
Grants and subventions
Transfers abroad
Transfers to statutory boards
Transfers to households
Capital expenditure 1/
Current balance
Sources: Ministry of Finance; and Fund staff estimates.
1/ Includes 11.4 percent of GDP paid in 2002 to extinguish the lease arrangements on the National
Stadium and Ministerial Complex, and reflected in capital expenditures.
10
Table 7. Grenada: Central Government Revenue and Grants, 2002–06
(In millions of Eastern Caribbean dollars)
2002
2003
2004
2005
2006
Total revenue and grants
318.8
413.2
390.7
515.7
511.9
Total revenue
Current revenue
Capital revenue
295.2
292.5
2.7
330.3
330.0
0.3
302.5
301.2
1.3
360.1
359.8
0.3
379.7
379.6
0.1
23.5
82.9
88.2
155.6
132.2
Tax revenue
Taxes on income and profits
Individuals
Companies
Business levy
Other
262.4
43.5
8.8
32.5
0.1
2.1
298.3
47.5
10.1
35.5
0.1
1.8
278.8
43.0
11.3
30.3
0.1
1.3
344.0
57.7
13.9
42.3
0.0
1.5
353.5
56.0
13.7
31.6
0.0
2.9
Taxes on property
Property tax
Inheritance tax
Land (property) transfer tax
18.0
5.1
0.0
12.9
17.0
5.3
0.0
11.7
16.4
5.3
0.1
11.0
15.4
5.2
0.0
10.1
22.6
5.9
0.0
16.7
Taxes on domestic transactions
Consumption tax
Stamp duty
Motor vehicle tax
Licenses
Airline ticket tax
Other (including cruise ship tax)
49.6
25.6
3.4
2.4
11.0
1.9
5.3
59.0
28.3
4.1
3.8
14.5
2.1
6.2
52.4
26.3
4.7
3.6
8.9
2.5
6.4
60.0
27.3
4.3
4.0
13.9
3.0
7.6
69.0
32.8
4.8
4.0
16.6
2.3
8.6
151.3
31.7
83.7
6.4
25.5
4.1
174.8
42.4
93.6
1.5
31.7
5.6
167.1
38.4
93.0
0.2
29.7
5.8
210.9
50.1
109.8
0.0
44.5
5.9
205.9
47.3
100.0
12.2
40.1
5.1
30.1
5.0
0.1
16.6
2.1
0.9
5.2
0.3
31.8
5.7
0.0
13.1
1.6
1.6
8.9
0.8
22.3
5.6
0.0
5.8
1.4
2.0
7.3
0.2
15.8
5.9
0.0
2.5
0.0
1.3
5.7
0.4
26.0
7.0
0.0
0.8
0.0
1.7
8.4
8.2
Grants
Taxes on international transactions
Import duty
Consumption tax
Petrol tax
Customs services charge
Other taxes on international trade
Nontax revenue
Government fees and charges
Offshore revenue
Dividends and profits from government enterprises
ECCB profits
Rents and interest income
Miscellaneous fees and service charges
Miscellaneous revenues
Source: Ministry of Finance.
11
Table 8. Grenada: Central Government Revenue and Grants, 2002–06
(In percent of GDP)
2002
2003
2004
2005
2006
Total revenue and grants
28.8
34.4
33.4
37.6
36.1
Total revenue
Current revenue
Capital revenue
26.6
26.4
0.2
27.5
27.4
0.0
25.9
25.8
0.1
26.2
26.2
0.0
26.8
26.8
0.0
2.1
6.9
7.5
11.3
9.3
Tax revenue
Taxes on income and profits
Individuals
Companies
Business levy
Other
23.7
3.9
0.8
2.9
0.0
0.2
24.8
3.9
0.8
3.0
0.0
0.2
23.8
3.7
1.0
2.6
0.0
0.1
25.1
4.2
1.0
3.1
0.0
0.1
24.9
4.0
1.0
2.2
0.0
0.2
Taxes on property
Property tax
Inheritance tax
Land (property) transfer tax
1.6
0.5
0.0
1.2
1.4
0.4
0.0
1.0
1.4
0.5
0.0
0.9
1.1
0.4
0.0
0.7
1.6
0.4
0.0
1.2
Taxes on domestic transactions
Consumption tax
Stamp duty
Motor vehicle tax
Licenses
Airline ticket tax
Other (including cruise ship tax)
4.5
2.3
0.3
0.2
1.0
0.2
0.5
4.9
2.3
0.3
0.3
1.2
0.2
0.5
4.5
2.3
0.4
0.3
0.8
0.2
0.5
4.4
2.0
0.3
0.3
1.0
0.2
0.6
4.9
2.3
0.3
0.3
1.2
0.2
0.6
13.6
2.9
7.5
0.6
2.3
0.3
14.5
3.5
7.8
0.1
2.6
0.4
14.3
3.3
8.0
0.0
2.5
0.4
15.4
3.7
8.0
0.0
3.2
0.4
14.5
3.3
7.1
0.9
2.8
0.4
2.7
0.5
0.0
1.5
0.2
0.1
0.5
0.0
2.6
0.5
0.0
1.1
0.1
0.1
0.7
0.1
1.9
0.5
0.0
0.5
0.1
0.2
0.6
0.0
1.2
0.4
0.0
0.2
0.0
0.1
0.4
0.0
1.8
0.5
0.0
0.1
0.0
0.1
0.6
0.6
Grants
Taxes on international transactions
Import duty
Consumption tax
Petrol tax
Customs services charge
Other taxes on international trade
Nontax revenue
Government fees and charges
Offshore revenue
Dividends and profits from government enterprises
ECCB profits
Rents and interest income
Miscellaneous fees and service charges
Miscellaneous revenues
Source: Ministry of Finance.
12
Table 9. Grenada: Central Government Social Expenditure, 2002–06
2002
2003
2004
2005
2006
(In millions of Eastern Caribbean dollars)
Total expenditure
529.8
470.8
423.4
508.9
608.9
Current expenditure
Of which
Education
Health
Housing development
Community development
Social protection
285.4
291.6
329.6
303.0
323.1
55.8
38.6
0.3
0.3
35.7
56.7
39.2
0.0
0.3
32.6
62.1
39.7
0.0
0.3
39.3
65.5
44.1
0.0
0.2
35.7
70.7
42.8
0.0
0.3
43.4
Capital expenditure 1/
Of which
Education
Health
Housing development
Community development
Social protection
244.4
179.1
93.8
206.0
285.8
15.0
12.8
0.4
0.2
0.5
12.0
9.5
0.0
0.3
0.3
5.3
3.6
3.0
0.1
0.2
9.8
2.9
56.0
0.1
0.1
9.8
17.5
39.5
0.2
14.6
39.2
36.2
37.1
43.0
Total expenditure
(In percent of GDP)
47.8
Current expenditure
Of which
Education
Health
Housing development
Community development
Social protection
25.7
24.3
28.2
22.1
22.8
5.1
3.5
0.0
0.0
3.2
4.7
3.3
0.0
0.0
2.7
5.4
3.4
0.0
0.0
3.4
4.8
3.2
0.0
0.0
2.6
4.7
2.8
0.0
0.0
2.9
Capital expenditure 1/
Of which
Education
Health
Housing development
Community development
Social protection
22.0
14.9
8.0
15.0
20.2
1.4
1.2
0.0
0.0
0.0
1.0
0.8
0.0
0.0
0.0
0.5
0.3
0.3
0.0
0.0
0.7
0.2
4.1
0.0
0.0
0.6
1.2
2.6
0.0
1.0
1.5
1,100
1.7
1,202
2.8
1,169
6.6
1,372
108.8
1,417
Memorandum items:
Spending on Cricket World Cup 2/
Nominal GDP at Market Prices
Source: Ministry of Finance.
1/ EC$123.6 million (11.4 percent of GDP) was paid in 2002 to extinguish the lease arrangements
on the National Stadium and Ministerial Complex. This is reflected in capital expenditures.
2/ The spending on Cricket World Cup is included in total capital expenditure.
13
Table 10. Grenada: Operations of the National Insurance Scheme, 2002–06
(In millions of Eastern Caribbean dollars)
2002
2003
2004
2005
2006
Current revenue
Contributions from government 1/
Government share
Employee share
Other contributions
Investment income
73.6
28.8
16.0
12.8
24.0
20.8
60.3
11.3
6.3
5.0
25.5
23.5
63.3
14.0
7.8
6.2
25.2
24.1
63.0
11.1
6.2
4.9
26.2
25.7
81.6
13.5
7.5
6.0
31.1
37.2
Current expenditure
Benefit payments
Wages and salaries
General administration
19.6
16.6
2.0
1.0
22.9
18.2
2.5
2.2
25.0
19.6
2.9
2.5
33.6
27.6
2.8
3.2
30.7
24.6
3.3
2.9
Current balance
54.0
37.4
38.3
29.7
51.4
0.3
1.2
0.6
0.9
0.5
53.7
36.2
37.7
28.8
50.9
Capital expenditure
Overall balance
Source: National Insurance Scheme.
1/ In 2002, the government increased its contributions to clear arrears.
14
Table 11. Grenada: Consolidated Accounts of the Banking System, 2002–06
2002
2003
2004
2005
2006
(In millions of Eastern Caribbean dollars)
Net foreign assets
Net imputed reserves (ECCB)
Commercial banks' net foreign assets
327.7
237.2
90.6
395.1
224.7
170.4
620.8
328.6
292.2
334.8
254.4
80.4
241.0
269.4
-28.4
Net domestic assets
839.6
865.3
862.6
1,134.2
1,241.4
Net credit to the public sector
Central government
Nonfinancial public enterprises
Credit to private sector
Other 1/
38.8
71.1
-32.3
896.2
-95.4
65.1
126.6
-61.4
933.0
-132.8
-16.3
75.0
-91.3
996.4
-117.6
-32.0
15.1
-47.1
1,088.3
77.8
-29.0
44.3
-73.3
1,223.9
46.5
Money plus quasi-money (M2)
Money
Quasi-money
1,167.4
212.0
955.4
1,260.4
241.1
1,019.3
1,483.4
340.2
1,143.1
1,469.0
315.3
1,153.7
1,482.4
309.5
1,172.9
(Annual percentage change) 2/
Net foreign assets
10.8
5.8
17.9
-19.3
-6.4
Net domestic assets
-3.7
2.2
-0.2
18.3
7.3
Net credit to the public sector
Central government
Nonfinancial public enterprises
Credit to private sector
Other 1/
-4.5
-2.0
-2.4
0.9
-0.2
2.3
4.8
-2.5
3.1
-3.2
-6.5
-4.1
-2.4
5.0
1.2
-1.1
-4.0
3.0
6.2
13.2
0.2
2.0
-1.8
9.2
-2.1
Money plus quasi-money (M2)
7.1
8.0
17.7
-1.0
0.9
Memorandum item:
Loans/deposits ratio (in percent)
72.5
68.1
57.6
66.0
73.2
Source: Eastern Caribbean Central Bank.
1/ Includes intra-banking system float.
2/ In relation to M2 at the beginning of the period.
15
Table 12. Grenada: Summary Operations of the Eastern Caribbean Central Bank, 2002–06
(In millions of Eastern Caribbean dollars)
Net (imputed) international reserves 1/
Net claims on commercial banks
Claims
2002
2003
2004
2005
2006
237.2
224.7
328.6
254.4
269.4
-139.6
-149.4
-225.5
-147.5
-157.4
0.0
0.0
0.0
0.0
0.0
-139.6
-149.5
-225.5
-147.5
-157.4
-31.1
-33.1
-31.8
-36.1
-36.1
-108.4
-116.4
-193.7
-111.4
-121.3
0.0
0.0
0.0
0.0
0.0
Net domestic assets
-22.4
9.4
-1.1
-1.7
-7.6
Net credit to central government
Liabilities
Currency held by banks
Statutory reserves
Fixed deposits
-22.0
9.5
-0.8
-1.7
-7.5
Treasury bills
1.1
1.1
1.1
1.1
1.1
Debentures
2.7
1.6
0.9
0.9
0.9
Temporary advances
0.3
12.2
0.0
0.0
0.0
Interest on securities
0.0
0.1
0.0
0.0
0.0
Other claims
1.4
0.0
0.0
0.0
0.0
-27.6
-5.5
-2.8
-3.7
-9.5
Net credit to the rest of the public sector
Central government deposits
-0.4
0.0
-0.3
0.0
0.0
Currency in circulation
75.2
84.7
102.1
105.3
104.5
106.3
117.8
133.9
141.3
140.6
31.1
33.1
-31.8
-36.1
-36.1
Total currency issued
Less: currency held by banks
Source: Eastern Caribbean Central Bank.
1/ Share of Grenada in the international reserves of the Eastern Caribbean Central Bank,
calculated as the difference between liabilities to the private sector (currency in circulation) and net
claims on commercial banks and the government.
16
Table 13. Grenada: Consolidated Accounts of the Commercial Banks, 2002–06
(In millions of Eastern Caribbean dollars)
2002
2003
2004
2005
2006
Net foreign assets
Foreign assets
Foreign currency holdings
Claims on ECCB area banks
Claims on banks abroad
Other
Foreign liabilities
Balances due to ECCB area banks
Balances due to banks abroad
Nonresident deposits
Other
90.6
372.4
6.5
46.4
68.5
251.0
281.9
9.0
59.9
211.6
1.3
170.4
461.7
6.5
63.7
125.1
266.5
291.3
14.9
28.1
246.4
1.9
292.2
701.5
5.8
114.5
216.6
364.5
-409.3
-45.4
-38.5
-324.9
-0.5
80.4
553.5
7.5
45.4
156.0
344.7
-473.1
-121.1
-26.1
-321.9
-4.0
-28.4
506.4
9.2
25.1
144.5
327.5
-534.8
-138.0
-30.8
-362.3
-3.7
Net position with ECCB
Net claims on ECCB
Currency holdings
Current deposits
Fixed deposits and call accounts
Other
Liabilities to ECCB
138.2
138.2
31.1
76.6
30.4
0.0
0.0
147.6
149.5
33.1
89.0
27.4
0.0
1.9
237.6
237.6
31.8
186.4
5.9
13.5
0.0
148.2
148.8
36.1
107.9
4.8
0.0
-0.6
152.3
152.3
36.1
111.9
4.2
0.0
0.0
Net domestic assets
Net credit to government
Treasury bills
Other securities
Loans and advances
Deposits
Net credit to National Insurance Scheme
Net credit to public enterprises
Loans, advances, and investments
Deposits
Net credit to other financial institutions
Loans, advances, and investments
Deposits
Credit to private sector
Interbank float
Claims
Liabilities
Net unclassified assets
863.5
93.1
23.5
31.3
60.9
-22.5
-73.0
41.2
75.8
-34.7
-7.3
55.9
-63.1
896.2
6.8
16.1
-9.4
-93.5
857.7
117.1
29.9
38.7
75.4
-26.8
-73.1
11.7
31.4
-19.8
-27.9
29.9
-57.8
933.0
-3.1
15.2
-18.2
-100.0
851.5
75.8
29.8
37.5
60.3
-51.8
-92.5
1.4
22.9
-21.4
-90.0
17.5
-107.5
996.4
-2.6
11.0
-13.6
-37.1
1,135.1
16.8
34.0
19.9
48.1
-85.2
-54.3
7.3
32.2
-24.9
-28.8
18.0
-46.8
1,088.3
7.8
27.7
-19.9
98.0
1,261.0
51.9
35.3
20.1
65.3
-68.8
-86.6
13.2
44.3
-31.1
-23.3
12.0
-35.3
1,223.9
5.1
17.7
-12.5
76.8
1,092.2
136.8
632.1
243.9
79.4
1,175.7
156.4
692.6
230.7
96.0
1,381.3
238.1
213.5
840.5
89.2
1,363.8
210.1
189.8
862.2
101.6
1,377.9
205.0
201.2
894.9
76.9
Liabilities to the private sector
Demand deposits
Saving deposits
Time deposits
Foreign currency deposits
Source: Eastern Caribbean Central Bank.
17
Table 14. Grenada: Distribution of Commercial Bank Loans and Advances, 2002–06
2002
2003
2004
2005
2006
(In millions of Eastern Caribbean dollars at end of period)
Total
1,085.5
1,088.9
1,140.2
1,252.1
1,436.3
621.5
334.4
40.9
246.3
651.8
377.8
40.9
233.1
676.7
378.2
45.1
253.5
761.9
459.8
49.1
253.0
845.8
518.7
48.0
279.1
Government and statutory bodies
60.9
73.2
63.6
55.4
69.9
Agriculture
Tree crops
Other
Fisheries
Mining and quarrying
Manufacturing
Utilities
Construction
Distributive trade
Tourism
Entertainment
Transport
Financial institutions
Professional and other services
18.1
13.7
4.5
4.7
1.7
34.6
31.9
28.8
85.3
57.2
18.4
76.9
7.8
37.6
16.9
11.7
5.2
4.7
1.9
41.3
34.3
30.8
82.7
43.9
18.3
38.6
10.1
40.4
17.0
13.1
4.0
3.9
1.1
30.0
32.6
53.7
84.3
68.7
9.6
35.4
6.0
57.6
7.3
3.3
4.0
3.9
1.4
31.8
12.8
64.8
99.1
70.3
11.5
47.0
7.1
77.9
6.3
3.1
3.3
4.0
1.9
28.6
18.3
76.1
123.9
97.4
13.2
46.0
4.5
100.3
(In percent of total)
57.3
59.9
30.8
34.7
3.8
3.8
22.7
21.4
59.4
33.2
4.0
22.2
60.8
36.7
3.9
20.2
58.9
36.1
3.3
19.4
Households
Acquisition of property
Durable consumer goods
Other
Households
Acquisition of property
Durable consumer goods
Other
Government and statutory bodies
5.6
6.7
5.6
4.4
4.9
Agriculture
Tree crops
Other
Fisheries
Mining and quarrying
Manufacturing
Utilities
Construction
Distributive trade
Tourism
Entertainment
Transport
Financial institutions
Professional and other services
1.7
1.3
0.4
0.4
0.2
3.2
2.9
2.7
7.9
5.3
1.7
7.1
0.7
3.5
1.6
1.1
0.5
0.4
0.2
3.8
3.1
2.8
7.6
4.0
1.7
3.5
0.9
3.7
1.5
1.1
0.3
0.3
0.1
2.6
2.9
4.7
7.4
6.0
0.8
3.1
0.5
5.1
0.6
0.3
0.3
0.3
0.1
2.5
1.0
5.2
7.9
5.6
0.9
3.8
0.6
6.2
0.4
0.2
0.2
0.3
0.1
2.0
1.3
5.3
8.6
6.8
0.9
3.2
0.3
7.0
Source: Eastern Caribbean Central Bank.
18
Table 15. Grenada: Selected Interest Rates, 2002–06
(End of period, in percent per annum)
2002
2003
2004
2005
2006
ECCB discount rate
7.00
6.50
6.50
6.50
6.50
Interbank rate
6.18
5.30
4.57
4.33
5.50
Treasury bill rate (one year)
7.00
6.00
6.00
6.00
6.50
Commercial bank average deposit rates
Total deposit rate 1/
Local currency
Foreign currency
3.21
...
...
3.43
3.46
3.04
2.82
2.91
1.30
2.71
2.86
0.96
2.99
3.05
1.89
Demand deposit rate
Local currency
Foreign currency
...
...
...
0.44
0.34
1.28
0.43
0.43
0.45
0.27
0.30
0.07
0.35
0.38
0.05
Savings deposit rate
Local currency
Foreign currency
...
...
...
3.19
3.17
3.56
3.27
3.38
1.08
3.11
3.24
1.10
3.11
3.24
1.27
Time deposit rate
Local currency
Foreign currency
...
...
...
5.81
5.98
3.65
4.19
4.32
2.52
3.92
4.07
2.11
4.04
4.09
2.95
Ranges for commercial bank deposit rates
Demand deposits
Savings deposits
Time deposits
3 months
6 months
12 months
Commercial bank lending rates
Prime rate
Average lending rate 1/
Local currency
Foreign currency
Memorandum item:
Libor on U.S. dollar six-month
deposits (average)
Source: Eastern Caribbean Central Bank.
1/ Break in the data series in 2003.
0.00–3.75 0.00–3.00 0.00–3.75 0.00–1.50 0.00–1.50
3.00–5.00 3.00–5.50 3.00–4.00 3.00–4.00 3.00–4.25
1.50–5.75 1.00–3.75 1.00–3.75 1.00–2.75 1.00–4.00
1.50–6.25 1.00–4.25 1.00–4.00 1.00–3.75 1.00–4.50
1.50–6.50 1.00–8.00 1.00–8.00 1.00–4.00 1.00–5.00
8.50–10.50 8.50–9.50 8.50–9.50 8.50–9.508.50–10.50
10.50
12.41
10.02
9.96
9.72
...
12.23
10.14
10.03
9.76
...
16.77
6.91
7.24
7.96
1.87
1.23
1.79
3.76
5.27
19
Table 16. Grenada: Balance of Payments, 2002–06
2002
2003
2004
2005
Prel.
2006
(In millions of U.S. dollars)
Current account balance
Exports (f.o.b.)
Imports (f.o.b.)
Services (net)
Of which
Travel (net)
Income (net)
Transfers (net)
-130.3
41.4
-181.0
38.8
-143.5
45.5
-226.4
51.0
-53.6
36.9
-235.4
67.2
-126.5
34.9
-282.5
29.2
-125.7
29.4
-260.0
39.0
81.3
-52.9
23.3
95.3
-50.1
36.5
74.6
-43.2
120.9
68.4
-22.2
114.1
92.1
-25.5
91.4
135.1
31.8
103.3
129.4
43.2
86.2
85.9
33.2
52.8
116.1
41.0
75.1
177.9
62.7
115.1
113.7
57.6
107.7
-62.0
39.7
89.2
29.9
-32.9
46.4
54.0
40.4
-41.6
24.7
48.6
16.4
10.2
17.0
51.1
-0.1
64.2
Net errors and omissions
26.4
-3.0
18.0
-17.0
-60.3
Overall balance
31.2
-17.2
50.4
-27.5
-8.1
340.5
355.8
415.6
437.0
457.2
-31.7
54.2
10.1
-44.1
-85.9
-32.2
61.1
10.2
-50.8
-93.3
-12.4
62.9
8.5
-54.3
-75.2
-24.9
62.4
6.9
-55.6
-87.3
-23.9
55.1
5.6
-49.5
-79.1
19.8
21.4
17.2
13.5
17.5
32.9
29.1
19.8
22.8
33.9
39.3
27.7
14.0
28.4
8.9
20.0
24.0
10.7
12.5
19.5
4.9
9.6
22.4
3.2
9.7
7.6
-3.9
11.6
-5.4
-1.5
82.9
79.9
96.0
86.0
87.1
-34.9
-7.8
7.2
10.0
25.1
17.2
-18.9
3.9
-21.8
-5.5
20.0
-8.2
-15.6
-8.0
34.6
Capital and financial account
Capital account (transfers)
Financial account
Of which
Public sector net borrowing 1/
Direct investment (net)
Portfolio investment (net)
Other investments (net)
Memorandum item:
External public sector debt 1/
(In percent of GDP)
Current account balance
Trade balance
Exports of goods
Imports of goods
Service, income, and transfers
Of which
Travel (net)
Capital and financial account
Capital and financial account, including
errors and omissions
Public sector net borrowing 1/
Direct investment (net)
Overall balance
External public sector debt 1/
Exports of goods
Imports of goods
Travel (net)
Sources: Eastern Caribbean Central Bank; Ministry of Finance; and Fund staff estimates.
1/ Includes central government debt, government-guaranteed debt, and nonguaranteed public
enterprise debt.
20
Table 17. Grenada: Merchandise Exports, f.o.b., 2002–06
2002
2003
2004
2005
2006
(Values in millions of U.S. dollars, volumes in millions of pounds,
unit values in U.S. dollars per pound)
Merchandise exports 1/
Re-exports
Domestic exports
Bananas
Value
Volume
Unit value
Cocoa
Value
Volume
Unit value
Nutmeg
Value
Volume
Unit value
Mace
Value
Volume
Unit value
Fish
Value
Volume
Unit value
Paper products
Value
Flour
Value
Electronic components
Value
Other
Value
39.1
5.4
33.6
41.8
12.1
29.7
31.0
6.7
24.4
28.4
8.1
20.2
24.0
8.1
15.8
0.2
0.4
0.2
0.2
0.3
0.2
0.2
0.4
0.2
0.1
0.6
0.2
0.1
0.5
0.3
1.4
0.7
0.8
1.2
0.5
1.0
2.0
0.7
1.2
0.1
0.1
1.2
0.3
0.2
1.6
12.4
1.9
2.5
10.0
1.5
2.5
9.8
1.6
2.3
8.0
3.2
2.5
2.7
1.4
1.9
1.1
0.2
2.5
1.2
0.2
2.9
0.8
0.1
2.3
0.2
0.0
3.7
0.1
0.0
4.1
3.7
0.5
2.9
4.3
0.5
3.0
3.0
0.4
3.1
3.5
1.1
3.2
3.7
1.1
3.3
1.9
2.3
2.1
2.4
2.6
4.1
3.3
2.7
2.9
3.0
1.9
0.2
0.1
0.0
0.0
6.9
7.1
3.5
3.0
3.3
21
Table 17. Grenada: Merchandise Exports, f.o.b., 2002–06
2002
2003
2004
2005
2006
(Annual percentage change)
Merchandise exports 1/
Re-exports
Domestic exports
Bananas
Value
Volume
Unit value
Cocoa
Value
Volume
Unit value
Nutmeg
Value
Volume
Unit value
Mace
Value
Volume
Unit value
Fish
Value
Volume
Unit value
Paper products
Value
Flour
Value
Electronic components
Value
Other
Value
-34.4
17.3
-38.7
7.1
123.4
-11.7
-25.8
-45.0
-18.0
-9.7
13.4
-16.5
-15.6
0.0
-21.9
14.0
-9.7
26.3
-11.2
-21.0
12.4
24.3
24.1
0.2
-39.9
-47.1
13.7
2.8
-14.9
-1.9
19.7
16.9
2.4
-14.6
-34.4
30.2
65.9
43.6
15.5
-95.5
-95.8
7.5
180.1
118.5
28.2
-9.0
-7.8
-1.2
-19.8
-22.2
3.1
-2.1
8.7
-9.9
-18.2
-25.5
9.8
-66.8
-55.1
-26.1
4.1
6.2
-2.0
3.4
-11.0
16.2
-27.3
-10.0
-19.2
-79.6
-87.1
58.5
-17.3
-25.6
11.3
-2.0
5.8
-7.4
17.6
16.2
1.2
-30.1
-32.9
4.1
15.9
11.3
12.0
4.4
9.0
1.3
11.3
17.1
-6.1
11.4
11.6
-15.2
-19.3
-17.3
7.0
1.7
-92.0
-92.0
-62.6
-34.2
0.0
33.6
3.6
-50.3
-12.1
9.7
Sources: Central Statistics Office (CSO), Ministry of Finance; and Fund staff estimates.
1/ Does not include goods procured in ports by carriers.
22
Table 18. Grenada: Merchandise Imports, c.i.f., 2002–06
2002
2003
2004
2005
2006
265.0
49.7
8.6
7.2
15.2
0.9
15.4
58.6
64.5
30.7
14.2
352.8
47.0
6.6
21.4
23.7
0.8
27.3
87.8
77.8
39.7
20.7
...
...
...
...
...
...
...
...
...
...
...
15.3
2.1
2.8
7.3
0.3
6.9
18.7
30.5
16.2
0.0
18.8
3.4
2.9
6.1
0.3
6.2
23.4
25.7
12.2
0.0
13.3
2.0
6.4
7.2
0.3
8.2
26.4
23.4
12.0
0.0
...
...
...
...
...
...
...
...
...
...
2.4
10.2
29.4
-8.7
27.1
8.5
28.8
53.5
41.4
27.8
63.8
2.9
-18.2
10.2
-11.6
23.3
-16.8
-25.3
-5.4
-23.3
197.2
55.9
-11.1
77.3
49.8
20.6
29.3
...
...
...
...
...
...
...
...
...
(In millions of U.S. dollars)
Recorded imports
Food and live animals
Beverages and tobacco
Crude materials (nonfuel)
Mineral fuels and lubricants
Animal and vegetable oils
Chemicals
Manufactured goods
Machinery and transport equipment
Miscellaneous manufactured goods
Other commodities and transactions
202.1
38.3
4.8
5.4
20.4
0.6
16.1
36.9
50.5
29.0
0.1
254.2
38.9
5.3
7.0
18.6
0.8
17.4
47.5
77.6
41.1
0.0
(In percent of recorded imports)
Food and live animals
Beverages and tobacco
Crude materials (nonfuel)
Mineral fuels and lubricants
Animal and vegetable oils
Chemicals
Manufactured goods
Machinery and transport equipment
Miscellaneous manufactured goods
Other commodities and transactions
19.0
2.4
2.7
10.1
0.3
7.9
18.3
25.0
14.4
0.0
(Annual percentage change)
Food and live animals
Beverages and tobacco
Crude materials (nonfuel)
Mineral fuels and lubricants
Animal and vegetable oils
Chemicals
Manufactured goods
Machinery and transport equipment
Miscellaneous manufactured goods
0.5
2.8
15.7
-8.8
24.4
-30.8
-1.4
-16.3
3.9
Sources: Central Statistical Office (CSO); Ministry of Finance; and Fund staff estimates.
23
Table 19. Grenada: Direction of Trade, 2002–06
2002
2003
2004
2005
2006
(In millions of Eastern Caribbean dollars)
Merchandise exports (f.o.b.)
Canada
CARICOM
EU
United Kingdom
Other
United States
Central and South America
Other
105.5
1.1
31.8
35.0
1.4
33.6
31.7
2.7
3.3
112.9
1.3
28.5
36.3
1.2
35.1
39.1
1.5
6.3
86.5
1.7
23.9
31.0
3.8
27.2
20.6
3.0
6.3
74.6
1.9
34.9
15.3
0.4
14.9
15.9
1.9
4.7
...
...
...
...
...
...
...
...
...
Merchandise imports (c.i.f.)
Canada
CARICOM
EU
United Kingdom
Other
Japan
United States
Central and South America
Other
545.5
13.2
147.1
71.6
34.5
37.1
17.8
234.5
26.7
34.4
686.9
16.0
163.1
113.5
41.2
72.3
30.7
283.7
34.5
45.5
681.8
21.6
174.6
83.3
45.2
38.1
33.8
287.1
35.2
46.2
901.9
22.6
240.4
126.2
52.7
73.5
36.2
332.8
72.0
71.8
...
...
...
...
...
...
...
...
...
...
(In percent of total)
Merchandise exports (f.o.b.)
Canada
CARICOM
EU
United Kingdom
Other
United States
Central and South America
Other
1.0
30.1
33.1
1.3
31.8
30.0
2.6
3.1
1.2
25.2
32.1
1.1
31.1
34.6
1.3
5.6
2.0
27.0
35.9
4.4
31.5
23.9
3.5
7.3
2.5
46.8
20.4
0.5
19.9
21.3
2.5
6.3
...
...
...
...
...
...
...
...
Merchandise imports (c.i.f.)
Canada
CARICOM
EU
United Kingdom
Other
Japan
United States
Venezuela
Other
2.4
27.1
13.1
6.3
6.8
3.3
43.0
4.9
6.3
2.3
23.8
16.5
6.0
10.5
4.5
41.3
5.0
6.6
3.2
25.6
12.2
6.6
5.6
5.0
42.1
0.0
6.8
2.5
26.7
14.0
5.8
8.2
4.0
36.9
0.0
8.0
...
...
...
...
...
...
...
...
...
Source: Central Statistical Office (CSO), Ministry of Finance.
24
Table 20. Grenada: External Trade Volume, Unit Value,
and Terms of Trade, 2002–06
2002
2003
2004
2005
2006
(Indices, 1999 = 100)
Value
Exports
Merchandise exports
Tourism
Merchandise imports
81.3
56.2
101.0
98.3
92.3
60.2
117.5
123.8
73.2
45.3
95.2
127.9
68.4
40.9
90.2
153.5
80.7
34.5
117.2
141.2
Unit values
Exports
Merchandise exports
Tourism
Merchandise imports
108.6
95.8
115.3
102.5
116.3
104.9
121.7
115.9
95.1
105.5
91.7
126.7
107.3
113.2
105.3
136.9
122.9
112.7
125.6
150.1
Volumes
Exports
Merchandise exports
Tourism
Merchandise imports
74.8
58.7
87.6
95.9
79.3
57.4
96.6
106.9
77.0
42.9
103.8
100.9
63.8
36.1
85.6
112.1
65.7
30.6
93.3
94.1
Terms of trade
Merchandise goods
Goods and tourism
93.5
105.9
90.5
100.4
83.3
75.0
82.7
78.4
75.1
81.9
(Annual percentage change)
Value
Exports
Merchandise exports
Tourism
Merchandise imports
-10.4
-34.4
6.7
-7.8
13.6
7.1
16.4
25.9
-20.7
-24.8
-19.0
3.3
-6.5
-9.7
-5.3
20.0
17.9
-15.6
29.9
-8.0
Unit values
Exports
Merchandise exports
Tourism
Merchandise imports
8.1
0.9
10.0
2.5
7.2
9.5
5.5
13.0
-15.1
1.0
-20.5
12.9
12.8
7.3
14.8
8.0
14.6
-0.4
19.2
9.6
Volumes
Exports
Merchandise exports
Tourism
Merchandise imports
-17.1
-35.0
-3.0
-10.1
6.0
-2.2
10.3
11.4
-6.6
-25.6
1.8
-8.5
-17.1
-15.8
-17.6
11.2
2.9
-15.2
9.0
-16.1
Terms of trade
Merchandise goods
Goods and tourism
-1.6
5.4
-3.1
-5.2
-10.5
-24.8
-0.7
4.5
-9.2
4.5
Sources: Central Statistical Office (CSO), Ministry of Finance; and Fund staff estimates.
25
Table 21. Grenada: Selected Tourism Statistics, 2002–06
2002
2003
2004
2005
2006
271.2
132.2
36.5
4.7
32.8
29.8
3.0
14.8
10.6
135.1
3.9
294.2
142.4
35.2
5.6
36.2
33.3
3.5
16.7
11.9
146.9
4.9
369.8
133.9
30.1
5.3
37.9
28.2
2.7
19.1
10.6
229.8
6.1
379.3
98.5
25.2
4.3
27.8
15.6
2.8
15.9
6.9
275.0
5.8
342.2
118.7
27.1
6.3
29.8
25.0
2.6
18.4
9.4
218.7
4.8
1,025.2
886.2
135.1
3.9
1,240.9
1,089.0
146.9
4.9
1,243.9
1,008.0
229.8
6.1
1,012.0
731.2
275.0
5.8
1,121.5
898.0
218.7
4.8
Average daily expenditure per visitor (US$)
Stayover arrivals 1/
Yachts
Other sea arrivals
Cruiseship passengers
Excursionists
72.2
24.7
24.7
18.5
24.7
69.0
25.2
25.2
18.9
25.2
58.2
26.0
26.0
19.5
26.0
74.1
26.0
26.0
20.1
26.8
81.5
26.0
26.0
20.5
27.3
Total recorded expenditure (US$ millions) 2/
Stayover arrivals 1/
Yachts
Other sea arrivals
Cruiseship passengers
Excursionists
67.5
63.9
0.7
0.2
2.5
0.1
78.6
75.1
0.4
0.2
2.8
0.1
63.6
58.7
0.3
0.0
4.5
0.2
60.2
54.2
0.3
0.0
5.5
0.2
78.2
73.2
0.4
0.0
4.5
0.1
Adjusted total expenditure (US$ millions) 3/
89.0
103.7
84.0
79.5
103.3
23.1
4.0
27.6
24.3
2.3
12.5
6.3
22.5
4.0
28.3
21.1
2.0
14.3
7.9
25.6
4.4
28.2
15.8
2.9
16.1
7.0
22.9
5.3
25.1
21.1
2.2
15.5
7.9
8.5
7.7
16.5
21.0
25.7
-6.0
-19.0
0.2
2.6
-26.4
-5.4
-18.6
-9.8
20.4
29.9
10.8
Total arrivals (thousands)
Stayover arrivals 1/
United States
Canada
West Indies
United Kingdom
Germany
Nonresident Grenadians
Other
Cruiseship passengers
Excursionists by Air
Volume of tourism (thousand days)
Stayover arrivals 1/
Cruiseship passengers
Excursionists
(Percentage share of stayover visitors)
United States
Canada
West Indies
United Kingdom
Germany
Nonresident Grenadians
Other
24.7
3.6
27.5
23.7
2.0
12.2
6.3
(Annual percentage change)
Total arrivals
Stayover visitors 1/
Total expenditure (US$ millions)
Volume of tourism (days)
-2.2
-1.8
6.7
1.5
Sources: Grenada Tourism Board; Eastern Caribbean Central Bank; Central Statistical Office (CSO),
Ministry of Finance; and Fund staff estimates.
1/ Data before 2002 include yachts and other sea arrivals.
2/ Gross tourism receipts, without netting out tourism payments.
3/ Recorded expenditure adjusted for under-reporting.
26
Table 22. Grenada: Effective Exchange Rate Indices, 2002–06
(2000 = 100)
Real Effective
Exchange Rate
Nominal Effective
Exchange Rate
98.8
100.6
99.2
97.8
97.7
94.7
96.1
95.2
94.8
92.7
91.5
91.5
92.7
91.9
89.9
91.1
89.3
90.3
91.4
93.6
91.1
92.8
91.1
90.5
90.2
101.1
103.1
101.7
99.8
99.9
97.3
98.4
97.4
97.6
95.8
94.5
94.3
95.2
94.9
93.6
94.4
93.0
94.0
94.9
95.7
94.3
95.5
94.3
93.9
93.7
97.0
92.0
88.8
93.7
89.5
99.5
95.0
92.5
95.8
93.1
Period Average
2002
I
II
III
IV
2003
I
II
III
IV
2004
I
II
III
IV
2005
I
II
III
IV
2006
I
II
III
IV
End of Period
2002
2003
2004
2005
2006
Source: IMF Information Notice System.
27
Table 23. Grenada: Public Sector Debt, 2006
(Year end, in millions of U.S. dollars)
Stock
Percent of
Total Debt
GDP
Public sector debt 1/
Central government debt
Central government guaranteed debt
Other public sector debt
658.4
576.8
61.1
20.5
100.0
87.6
9.3
3.1
125.4
109.9
11.7
3.9
External debt
A. Central government
1. Multilateral
CDB
IDA
IBRD
IMF
Other multilateral
457.2
413.3
136.0
84.2
27.9
9.0
9.5
5.4
69.4
62.8
20.7
12.8
4.2
1.4
1.4
0.8
87.1
78.7
25.9
16.0
5.3
1.7
1.8
1.0
77.9
16.4
6.7
4.2
0.2
2.5
2.8
61.5
20.3
18.5
17.0
5.8
11.8
2.5
1.0
0.6
0.0
0.4
0.4
9.3
3.1
2.8
2.6
0.9
14.8
3.1
1.3
0.8
0.0
0.5
0.5
11.7
3.9
3.5
3.2
1.1
199.4
193.5
5.8
30.3
29.4
0.9
38.0
36.9
1.1
B. Central government guaranteed
Of which
Paris Club
23.5
3.6
4.5
7.8
1.2
1.5
C. Other public sector
20.5
3.1
3.9
201.2
163.5
68.1
11.0
26.5
24.2
18.4
14.8
0.6
30.6
24.8
10.3
1.7
4.0
3.7
2.8
2.3
0.1
38.3
31.2
13.0
2.1
5.0
4.6
3.5
2.8
0.1
37.7
5.7
7.2
2. Official bilateral
Paris Club
Belgium
France
Russian Federation
United Kingdom
United States
Non-Paris Club
Taiwan Province of China
Kuwait
Trinidad and Tobago
Other bilateral
3. Commercial, total
Restructured bonds
Unrestructured bonds
Domestic debt
A. Central government
Restructured bonds
Unrestructured bonds
Treasury bills
Commercial bank loans
Overdraft
Domestic arrears
Compensation claims
B. Central government guaranteed
Memorandum item:
Nominal GDP
524.9
Sources: Grenada authorities; and Fund staff estimates.
1/ Includes central government liabilities to the National Insurance Scheme.