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Grenada Business Guide


Geography


Location:
Caribbean, island between the Caribbean Sea and Atlantic Ocean, north of Trinidad and Tobago


Geographic coordinates:
12 07 N, 61 40 W


Map references:
Central America and the Caribbean


Area:
total:344 sq kmcountry comparison to the world: 207
land:344 sq km
water:0 sq km


Area - comparative:
twice the size of Washington, DC


Land boundaries:
territorial sea:12 nm
exclusive economic zone:200 nm


Climate:
tropical; tempered by northeast trade winds


Terrain:
volcanic in origin with central mountains


Elevation extremes:
lowest point:Caribbean Sea 0 m
highest point:Mount Saint Catherine 840 m


    Natural resources:
timber, tropical fruit, deepwater harbors


Land use:
arable land:8.82%
permanent crops:20.59%
other:70.59% (2011)


Irrigated land:
2.19 sq km (2003)


Total renewable water resources:
NA


Natural hazards:
lies on edge of hurricane belt; hurricane season lasts from June to November


Environment - current issues:
NA


Environment - international agreements:
party to:Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Law of the Sea, Ozone Layer Protection, Whaling
signed, but not ratified:none of the selected agreements


Geography - note:
the administration of the islands of the Grenadines group is divided between Saint Vincent and the Grenadines and Grenada



People and Society


Nationality:
noun: Grenadian(s)
adjective:Grenadian


Ethnic groups:
black 82%, mixed black and European 13%, European and East Indian 5%, and trace of Arawak/Carib Amerindian


Languages:
English (official), French patois


Religions:
Roman Catholic 53%, Anglican 13.8%, other Protestant 33.2%


Population:
110,152 (July 2014 est.)country comparison to the world: 191


Age structure:
0-14 years:24.5% (male 13,954/female 13,057)
15-24 years:16.5% (male 9,075/female 9,155)
25-54 years:40.3% (male 22,765/female 21,628)
55-64 years:9.2% (male 5,214/female 4,927)
65 years and over:9.2% (male 4,739/female 5,638) (2014 est.)


Dependency ratios:
total dependency ratio:50.9 %
youth dependency ratio:40.2 %
elderly dependency ratio:10.7 %
potential support ratio:9.3 (2014 est.)


Median age:
total:29.9 years
male:29.8 years
female:29.9 years (2014 est.)


Population growth rate:
0.5% (2014 est.)country comparison to the world: 155


Birth rate:
16.3 births/1,000 population (2014 est.)country comparison to the world: 120


Death rate:
8.04 deaths/1,000 population (2014 est.)country comparison to the world: 98


Net migration rate:
-3.24 migrant(s)/1,000 population (2014 est.)country comparison to the world: 181


Urbanization:
urban population:39.1% of total population (2011)
rate of urbanization:1.24% annual rate of change (2010-15 est.)


Major urban areas - population:
SAINT GEORGE'S (capital) 41,000 (2011)


Sex ratio:
at birth:1.1 male(s)/female
0-14 years:1.07 male(s)/female
15-24 years:0.99 male(s)/female
25-54 years:1.05 male(s)/female
55-64 years:1.03 male(s)/female
65 years and over:0.83 male(s)/female
total population:1.02 male(s)/female (2014 est.)


    Maternal mortality rate:
24 deaths/100,000 live births (2010)


Infant mortality rate:
total:10.5 deaths/1,000 live birthscountry comparison to the world: 137
male:9.82 deaths/1,000 live births
female:11.26 deaths/1,000 live births (2014 est.)


Life expectancy at birth:
total population:73.8 yearscountry comparison to the world: 120
male:71.24 years
female:76.62 years (2014 est.)


Total fertility rate:
2.09 children born/woman (2014 est.)country comparison to the world: 109


Contraceptive prevalence rate:
54.3%


Health expenditures:
6.2% of GDP (2011)


Physicians density:
0.66 physicians/1,000 population (2006)


Hospital bed density:
3.5 beds/1,000 population (2011)


Drinking water source:
improved:
urban: 99% of population
rural: 95.3% of population
total: 96.8% of population
unimproved:
urban: 1% of population
rural: 4.7% of population
total: 3.2% of population (2012 est.)


Sanitation facility access:
improved:
urban: 97.5% of population
rural: 98.3% of population
total: 98% of population
unimproved:
urban: 2.5% of population
rural: 1.7% of population
total: 2% of population (2012 est.)


HIV/AIDS - adult prevalence rate:
NA


HIV/AIDS - people living with HIV/AIDS:
NA


HIV/AIDS - deaths:
NA


Obesity - adult prevalence rate:
22.5% (2008)country comparison to the world: 78


Education expenditures:
3.9% of GDP (2003)country comparison to the world: 112

Literacy:
definition:age 15 and over can read and write
total population:96%
male:NA
female:NA (2003 est.)


School life expectancy (primary to tertiary education):
total:16 years
male:15 years
female:16 years (2009)


Government


Country name:
conventional long form: none
conventional short form:Grenada


Government type:
parliamentary democracy and a Commonwealth realm


Capital:
name:Saint George's
geographic coordinates:12 03 N, 61 45 W
time difference:UTC-4 (1 hour ahead of Washington, DC, during Standard Time)


Administrative divisions:
6 parishes and 1 dependency*; Carriacou and Petite Martinique*, Saint Andrew, Saint David, Saint George, Saint John, Saint Mark, Saint Patrick


Independence:
7 February 1974 (from the UK)


National holiday:
Independence Day, 7 February (1974)


Constitution:
previous 1967; latest presented 19 December 1973, came into operation 7 February 1974, some provisions suspended 1979; amended 1991 (Constitutional Judicature Act, 1991 - restored provisions suspended in 1979), 1992 (2008)


Legal system:
common law based on English model


International law organization participation:
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt


Suffrage:
18 years of age; universal


Executive branch:
chief of state:Queen ELIZABETH II (since 6 February 1952); represented by Governor General Cecile LA GRENADE (since 7 May 2013)
head of government:Prime Minister Keith MITCHELL (since 20 February 2013)
cabinet:Cabinet appointed by the governor general on the advice of the prime minister
elections:the monarchy is hereditary; governor general appointed by the monarch; following legislative elections, the leader of the majority party or the leader of the majority coalition is usually appointed prime minister by the governor general


Legislative branch:
bicameral Parliament consists of the Senate (13 seats, 10 members appointed by the government and 3 by the leader of the opposition) and the House of Representatives (15 seats; members elected by popular vote to serve five-year terms)
elections:last held on 19 February 2013 (next to be held in 2018)
election results:House of Representatives - percent of vote by party - NNP 59%, NDC 41%; seats by party - NNP 15


Judicial branch:
highest court(s):Supreme Court of Grenada (consists of the High Court with 3 justices and a 2-tier Court of Appeal with NA justices)
note - the Eastern Caribbean Supreme Court (ECSC) is the itinerant superior court of record for the 9-member Organization of Eastern Caribbean States to include Grenada; the ECSC - with its headquarters on St. Lucia - is headed by the chief justice and is compri
judge selection and term of office:justice selection and tenure NA
subordinate courts:magistrates' courts; Court of Magisterial Appeals


    Political parties and leaders:
Grenada United Labor Party or GULP [Wilfred HAYES]
National Democratic Congress or NDC [Tillman THOMAS]
New National Party or NNP [Keith MITCHELL]


Political pressure groups and leaders:
Committee for Human Rights in Grenada or CHRG


International organization participation:
ACP, AOSIS, C, Caricom, CDB, CELAC, FAO, G-77, IBRD, ICAO, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, ITU, ITUC, LAES, MIGA, NAM, OAS, OECS, OPANAL, OPCW, Petrocaribe, UN, UNCTAD, UNESCO, UNIDO, UPU, WHO, WIPO, WTO


Diplomatic representation in the US:
chief of mission:Ambassador Ethelstan A. FRIDAY (since 3 September 2013)
chancery:1701 New Hampshire Avenue NW, Washington, DC 20009
telephone:[1] (202) 265-2561
FAX:[1] (202) 265-2468
consulate(s) general:New York


Diplomatic representation from the US:
chief of mission:the US does not have an embassy in Grenada; the US Ambassador to Barbados is accredited to Grenada
embassy:Lance-aux-Epines Stretch, Saint George's
mailing address:P. O. Box 54, Saint George's
telephone:[1] (473) 444-1173 through 1177
FAX:[1] (473) 444-4820


Flag description:
a rectangle divided diagonally into yellow triangles (top and bottom) and green triangles (hoist side and outer side), with a red border around the flag; there are seven yellow, five-pointed stars with three centered in the top red border, three centered in the bottom red border, and one on a red disk superimposed at the center of the flag; there is also a symbolic nutmeg pod on the hoist-side triangle (Grenada is the world's second-largest producer of nutmeg, after Indonesia); the seven stars stand for the seven administrative divisions, with the central star denoting the capital, St. George; yellow represents the sun and the warmth of the people, green stands for vegetation and agriculture, and red symbolizes harmony, unity, and courage


National anthem:
name:'Hail Grenada'
lyrics/music:Irva Merle BAPTISTE/Louis Arnold MASANTO
note:adopted 1974


Economy


Economy - overview:
Grenada relies on tourism as its main source of foreign exchange especially since the construction of an international airport in 1985. Hurricanes Ivan (2004) and Emily (2005) severely damaged the agricultural sector - particularly nutmeg and cocoa cultivation - which had been a key driver of economic growth. Grenada has rebounded from the devastating effects of the hurricanes but is now saddled with the debt burden from the rebuilding process. Public debt-to-GDP is nearly 110%, leaving the MITCHELL administration limited room to engage in public investments and social spending. MITCHELL in 2013 announced a structural adjustment program that includes a plan to increase tax revenue. Strong performances in construction and manufacturing, together with the development of tourism and higher education - especially in medicine - have contributed to growth in national output; however, economic growth remained stagnant in 2010-13 after a sizeable contraction in 2009, because of the global economic slowdown's effects on tourism and remittances.


GDP (purchasing power parity):
$1.458 billion (2013 est.)
country comparison to the world: 198
$1.447 billion (2012 est.)
$1.458 billion (2011 est.)
note:data are in 2013 US dollars


GDP (official exchange rate):
$811 million (2013 est.)


GDP - real growth rate:
0.8% (2013 est.)
country comparison to the world: 179
-0.8% (` est.)
1% (2011 est.)


GDP - per capita (PPP):
$13,800 (2013 est.)
country comparison to the world: 97
$13,700 (2012 est.)
$13,900 (2011 est.)
note:data are in 2013 US dollars


Gross national saving:
-3.6% of GDP (2013 est.)
country comparison to the world: 152
-7.2% of GDP (2012 est.)
-2.1% of GDP (2011 est.)


GDP - composition, by end use:
household consumption:91.6%
government consumption:15.8%
investment in fixed capital:16.8%
investment in inventories:0%
exports of goods and services:21.9%
imports of goods and services:-46.1%
(2013 est.)


GDP - composition, by sector of origin:
agriculture:5.6%
industry:15.8%
services:78.5% (2013 est.)


Agriculture - products:
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables


Industries:
food and beverages, textiles, light assembly operations, tourism, construction


Industrial production growth rate:
-2% (2013 est.)
country comparison to the world: 182

Labor force:
59,900 (2013 est.)
country comparison to the world: 187


Labor force - by occupation:
agriculture:11%
industry:20%
services:69% (2008 est.)


Unemployment rate:
33.5% (2013)
country comparison to the world: 186
25% (2008)


    Population below poverty line:
38% (2008)


Household income or consumption by percentage share:
lowest 10%:NA%
highest 10%:NA%


Budget:
revenues:$163 million
expenditures:$196.3 million (2012 est.)


Taxes and other revenues:
20.1% of GDP (2012 est.)
country comparison to the world: 166

Budget surplus (+) or deficit (-):
-4.1% of GDP (2012 est.)
country comparison to the world: 148


Public debt:
110% of GDP (2012 est.)
country comparison to the world: 12

Fiscal year:
calendar year


Inflation rate (consumer prices):
2.4% (2013 est.)
country comparison to the world: 87
2.4% (2012 est.)


Central bank discount rate:
6.5% (31 December 2009)
country comparison to the world: 47
6.5% (31 December 2008)


Commercial bank prime lending rate:
9.4% (31 December 2013 est.)
country comparison to the world: 87
9.75% (31 December 2012 est.)


Stock of narrow money:
$131.7 million (31 December 2013 est.)
country comparison to the world: 181
$123.3 million (31 December 2012 est.)


Stock of broad money:
$697.4 million (31 December 2013 est.)
country comparison to the world: 174
$689.7 million (31 December 2012 est.)


Stock of domestic credit:
$744.9 million (31 December 2013 est.)
country comparison to the world: 159
$729.5 million (31 December 2012 est.)


Market value of publicly traded shares:
$NA


Current account balance:
-$214.4 million (2012 est.)
country comparison to the world: 88
-$204.5 million (2011 est.)


Exports:
$40.5 million (2012 est.)
country comparison to the world: 200
$34.9 million (2011 est.)


Exports - commodities:
nutmeg, bananas, cocoa, fruit and vegetables, clothing, mace


Exports - partners:
Nigeria 40.2%, St. Lucia 10.7%, Antigua and Barbuda 7.3%, US 6.6%, St. Kitts and Nevis 6.5%, Dominica 6.5%, Switzerland 4.3% (2012)


Imports:
$297 million (2012 est.)
country comparison to the world: 201
$290.4 million (2011 est.)


Imports - commodities:
food, manufactured goods, machinery, chemicals, fuel


Imports - partners:
Trinidad and Tobago 44.3%, US 16.4%, China 4.6% (2012)


Debt - external:
$679 million (2013 est.)
country comparison to the world: 169
$538 million (2010 est.)


Exchange rates:
East Caribbean dollars (XCD) per US dollar -
2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)


Energy


Electricity - production:
201.4 million kWh (2010 est.)
country comparison to the world: 181


Electricity - consumption:
178.4 million kWh (2010 est.)
country comparison to the world: 189


Electricity - exports:
0 kWh (2012 est.)
country comparison to the world: 142


Electricity - imports:
0 kWh (2012 est.)
country comparison to the world: 150


Electricity - installed generating capacity:
49,700 kW (2010 est.)
country comparison to the world: 190


Electricity - from fossil fuels:
98.6% of total installed capacity (2010 est.)
country comparison to the world: 54


Electricity - from nuclear fuels:
0% of total installed capacity (2010 est.)
country comparison to the world: 96


Electricity - from hydroelectric plants:
0% of total installed capacity (2010 est.)
country comparison to the world: 172


Electricity - from other renewable sources:
1.4% of total installed capacity (2010 est.)
country comparison to the world: 81


Crude oil - production:
0 bbl/day (2012 est.)
country comparison to the world: 174


Crude oil - exports:
0 bbl/day (2010 est.)
country comparison to the world: 119


Crude oil - imports:
0 bbl/day (2010 est.)
country comparison to the world: 192


    Crude oil - proved reserves:
0 bbl (1 January 2013 est.)
country comparison to the world: 137


Refined petroleum products - production:
0 bbl/day (2010 est.)
country comparison to the world: 149


Refined petroleum products - consumption:
2,803 bbl/day (2011 est.)
country comparison to the world: 183


Refined petroleum products - exports:
0 bbl/day (2010 est.)
country comparison to the world: 181


Refined petroleum products - imports:
2,004 bbl/day (2010 est.)
country comparison to the world: 179


Natural gas - production:
0 cu m (2011 est.)
country comparison to the world: 136


Natural gas - consumption:
0 cu m (2010 est.)
country comparison to the world: 150


Natural gas - exports:
0 cu m (2011 est.)
country comparison to the world: 108


Natural gas - imports:
0 cu m (2011 est.)
country comparison to the world: 198


Natural gas - proved reserves:
0 cu m (1 January 2013 est.)
country comparison to the world: 143


Carbon dioxide emissions from consumption of energy:
269,000 Mt (2011 est.)



Communications


Telephones - main lines in use:
28,500 (2012)
country comparison to the world: 178


Telephones - mobile cellular:
128,000 (2012)
country comparison to the world: 189


Telephone system:
general assessment:automatic, island-wide telephone system
domestic:interisland VHF and UHF radiotelephone links
international:country code - 1-473; landing point for the East Caribbean Fiber Optic System (ECFS) submarine cable with links to 13 other islands in the eastern Caribbean extending from the British Virgin Islands to Trinidad; SHF radiotelephone links to Trinidad and Tobago and Saint Vincent; VHF and UHF radio links to Trinidad (2009)



    Broadcast media:
the Grenada Broadcasting Network, jointly owned by the government and the Caribbean Communications Network of Trinidad and Tobago, operates a TV station and 2 radio stations; multi-channel cable TV subscription service is available; a dozen private radio stations also broadcast (2007)


Internet country code:
.gd


Internet hosts:
80 (2012)
country comparison to the world: 212


Internet users:
25,000 (2009)
country comparison to the world: 186



Transportation


Airports
3 (2013)
country comparison to the world: 195


Airports - with paved runways
total:3
2,438 to 3,047 m:1
1,524 to 2,437 m:1
under 914 m:1 (2013)


    Roadways
total:1,127 kmcountry comparison to the world: 183
paved:687 km
unpaved:440 km (2001)


Ports and terminals
major seaport(s):Saint George's


Military


Military branches
no regular military forces; Royal Grenada Police Force (includes Coast Guard) (2010)


Manpower available for military service
males age 16-49:27,468 (2010 est.)

Manpower fit for military service
males age 16-49:22,596
females age 16-49:22,588 (2010 est.)


    Manpower reaching militarily significant age annually
male:995
female:1,002 (2010 est.)


Transnational Issues


Disputes - international
none


    Illicit drugs
small-scale cannabis cultivation; lesser transshipment point for marijuana and cocaine to US

Information provided by CIA - The World Fact Book



Doing Business in Grenada 2017


           
 

 
Grenada

  Ease of Doing Business Rank
Overall DTF
138
53.75
 
 
Starting a Business (rank)
77
 
 
Protecting Minority Investors (rank)
123
 
  DTF
87.02
 
  DTF
45.00
 
  Procedures - Men (number)
6.0
 
  Strength of minority investor protection index (0-10)
4.5
 
  Time - Men (number)
15.0
 
  Extent of conflict of interest regulation index (0-10)
6.7
 
  Cost - Men (days)
15.8
 
  Extent of disclosure index (0-10)
4.0
 
  Procedures - Women (days)
6.0
 
  Extent of director liability index (0-10)
8.0
 
  Time - Women (% of income per capita)
15.0
 
  Ease of shareholder suits index (0-10)
8.0
 
  Cost - Women (% of income per capita)
15.8
 
  Extent of shareholder governance index (0-10)
2.3
 
  Paid-in min. capital (% of income per capita)
0.0
 
  Extent of shareholder rights index (0-10)
3.0
 
 

 
  Extent of ownership and control index (0-10)
3.0
 
  Dealing with Construction Permits (rank)
105
 
  Extent of corporate transparency index (0-10)
1.0
 
  DTF
67.64
 
 

 
  Procedures (number)
13.0
 
  Paying Taxes (rank)
132
 
  Time (days)
128.0
 
  DTF
60.44
 
  Cost (% of warehouse value)
0.3
 
  Payments (number per year)
42.0
 
  Building Quality Control Index(0-15)
5.0
 
  Time (hours per year)
140.0
 
  Quality of building regulations index (0-2)
1.0
 
  Total tax rate (% of profit)
45.3
 
  Quality control before construction index (0-1)
1.0
 
  Profit tax (% of profit)
27.6
 
  Quality control during construction index (0-3)
1.0
 
  Labor tax and contributions (% of profit)
5.6
 
  Quality control after construction index (0-3)
2.0
 
  Other taxes (% of profit)
12.1
 
  Liability and insurance regimes index (0-2)
0.0
 
  Postfiling index (0-100)
48.4
 
  Professional certifications index (0-4)
0.0
 
 
 
 
   
 
 
  Trading Across Borders (rank)
126
 
  Getting Electricity (rank)
66
 
  DTF
61.52
 
  DTF
76.40
 
  Time to export: Border compliance (hours)
101
 
  Procedures (number)
5.0
 
  Cost to export: Border compliance (USD)
1034
 
  Time (days)
38.0
 
  Time to export: Documentary compliance (hours)
13
 
  Cost (% of income per capita)
191.1
 
  Cost to export: Documentary compliance (hours) (USD)
40
 
  Reliability of supply and transparency of tariff index (0-8)
4.0
 
  Time to import: Border compliance (hours)
37
 
  Total duration and frequency of outages per customer a year (0-3)
1.0
 
  Cost to import: Border compliance (USD)
1745
 
  Mechanisms for monitoring outages (0-1)
1.0
 
  Time to import: Documentary compliance (hours)
24
 
  Mechanisms for restoring service (0-1)
1.0
 
  Cost to import: Documentary compliance (USD)
50
 
  Regulatory monitoring (0-1)
0.0
 
   
 
 
  Financial deterrents aimed at limiting outages (0-1)
0.0
 
  Enforcing Contracts (rank)
76
 
  Communication of tariffs and tariff changes (0-1)
1.0
 
  DTF
59.33
 
  Price of electricity (US cents per kWh)
23.9
 
  Time (days)
688.0
 
   
 
 
  Cost (% of claim)
32.6
 
  Registering Property (rank)
137
 
  Quality of judicial processes index (0-18)
11.0
 
  DTF
50.15
 
   
 
 
  Procedures (number)
8.0
 
  Resolving Insolvency (rank)
169
 
  Time (days)
32.0
 
  DTF
0.00
 
  Cost (% of property value)
7.4
 
  Recovery rate (cents on the dollar)
0.0
 
  Quality of the land administration index (0-30)
7.0
 
  Time (years)
no practice
 
  Reliability of infrastructure index (0-8)
1.0
 
  Cost (% of estate)
no practice
 
  Transparency of information index (0-6)
1.5
 
  Outcome (0 as piecemeal sale and 1 as going concern)
no practice
 
  Geographic coverage index (0-8)
0.0
 
  Strength of insolvency framework index (0-16)
0.0
 
  Land dispute resolution index (0-8)
4.5
 
  Commencement of proceedings index (0-3)
2.0
 
  Equal access to property rights index (-2-0)
0.0
 
  Management of debtor's assets index (0-6)
2.0
 
 
 
 
  Reorganization proceedings index (0-3)
0.0
 
  Getting Credit (rank)
139
 
  Creditor participation index (0-4)
1.0
 
  DTF
30.00
 
   
 
 
  Strength of legal rights index (0-12)
6.0
 
   
 
 
  Depth of credit information index (0-8)
0.0
 
 
 
 
  Credit registry coverage (% of adults)
0.0
 
   
 
 
  Credit bureau coverage (% of adults)
0.0
 
 
 
 
 

 
   
 
 
 
 
 
 



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