Grenada’s Prime Minister Tillman Thomas has welcomed a report in the September 2010 Economic and Financial Review of the Eastern Caribbean Central Bank (ECCB) which credited Grenada with leading the performance of the sub-region’s manufacturing sector.
“The unfavorable outturn for the ECCU manufacturing sector was mitigated by the positive outturn in Grenada where growth of 33.1 percent was recorded…” the review stated, adding that “most member countries, with the exception of Grenada, recorded decreases in manufacturing activity.”
The report also pointed to increases in both production and prices for nutmeg and cocoa in Grenada over the period.
“This review points to the soundness of our policies, as we manage our economy through a very difficult period of global economic recession. This review supports our plans for the transformation of our economy,” Prime Minister Thomas said Thursday.
He noted that along with nutmeg and cocoa, banana production is also increasing, as the administration continues to focus on stimulating the productive sectors of the economy and strengthening the country’s ability to add value to its commodity base.
Prime Minister Thomas stated that while Grenada and the region continue to be challenged by the global recession, his administration continues to take concrete steps to stimulate various sectors including construction. He said the construction and tourism sectors hold the greatest potential for job creation and reducing unemployment.
“We continue to seek avenues to put our people back to work. It is our number one priority. These two sectors hold the greatest potential for achieving this objective,” the Prime Minister said Thursday.