Grenada is a three island state comprising Grenada, Carriacou and Petit Martinique with Grenada being the largest of the three. With a population of 110,000, Grenada – the most southerly of the Windward Islands – lies 135 km. (83.8 mi.) north of Trinidad and 100 miles north of Venezuela. Known as "the Spice Isle", Grenada is the world’s second largest producer of nutmeg [after Indonesia] and supplies 20% of the world supply; and is a significant producer of mace, cinnamon, ginger and cloves. It is 344 sq. km. (133 sq. mi.) and its capital is Saint George’s.
Grenada’s diversity includes a variety of beautiful white and black sand beaches, a waterfall for every day of the week, lakes, sulphur springs, amazing dive sites, spice plantations and floral gardens.
Grenada relies on Tourism as its main source of foreign exchange. Strong performances in construction and manufacturing, together with the development of an offshore financial industry, have also contributed to growth in national output. The services sector employs 64% of the workforce and accounts for 74% of GDP. The Agricultural sector, though declining, continues to be a significant participant in the economy employing some 14% of the workforce and contributing 9% of GDP.
Economic progress was satisfactory until the setback of the 2004/2005 hurricanes. The category 4 Hurricane Ivan damaged or destroyed 90% of homes but Grenada is recovering with remarkable speed due to energetic domestic efforts and substantial international assistance. The economy grew by 1.3% in 2006.
The International Companies Act and the Companies Management Act both were introduced in 1996, coming into effect in early 1997, as part of Grenada’s efforts at promoting offshore financial services.
Grenada's official language is English and as a member of the Organisation of Eastern Caribbean States (OECS), its currency is the Eastern Caribbean dollar (EC$), which trades at US$1.00 for EC$2.70.