Industry comprises mostly construction and the provision of electricity but also includes the processing of spices and extraction of perfume from flowers. The construction sector consists of private sector enterprises and is very reliant on conditions elsewhere in the economy. Spurts in tourist activity, for example, lead to increased hotel and dwelling construction. International construction companies undertake most large construction projects (such as highways, ports, and modern hotels). The amount of agricultural processing has not expanded in recent years, mainly because low prices offer little incentive to growers to invest in new planting and increase output.
Owing mainly to a sharp rise in construction activity, industrial GDP increased at an average annual rate of 5.7 percent from 1990 to 1996. Industry's contribution to the GDP has subsequently contracted, providing 4 percent of GDP in 2000, down from 6.0 percent in 1994.
Comment about this article, ask questions, or add new information about this topic: