Economic progress in fiscal reforms and prudent macroeconomic management
have boosted annual growth to 5%–6% in 1998–99; the increase in economic
activity has been led by construction and trade. Tourist facilities are being
expanded; tourism is the leading foreign exchange earner. Major short-term
concerns are the rising fiscal deficit and the deterioration in the external
account balance. Grenada shares a common central bank and a common currency
(the East Caribbean dollar) with seven other members of the Organisation of
Eastern Caribbean States (OECS)
Grenada is a leading producer of several different