The small, essentially private enterprise economy is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction assuming greater importance. Sugar, the chief crop, accounts for nearly half of exports, while the banana industry is the country's largest employer. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth of 6.4% in 1999 and 10.5% in 2000. Growth decelerated in 2001 to 3% due to the global slowdown and severe hurricane damage to agriculture, fishing, and tourism. Major concerns continue to be the rapidly expanding trade deficit and foreign debt. A key short-term objective remains the reduction of poverty with the help of international donors.
