Grenada's economy is highly dependent on international trade and finance for its development. Exports of nutmeg, cocoa, spices and banana are the main earners of foreign exchange, with tourism close behind. The economy is essentially agricultural and centers on the traditional production of spices and tropical plants. Agriculture accounts for about 7.7% of GDP and 80% of exports and employs 24% of the labor force. Tourism is the leading foreign exchange earner, followed by agricultural exports. Manufacturing remains relatively undeveloped, but is growing due to a favorable private investment climate. In the late 1990s the off-shore financial industry has begun to develop. The economy achieved an impressive average annual growth rate of5.5% in 1986–91 but has slowed since 1992. Grenada's economy grew by approximately 6.5% in 2001 despite the world-wide slowdown in tourism, while inflation remained under control at2.8%.