Grenada Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Grenada relies on tourism and revenue generated by St. George’s University - a private university offering degrees in medicine, veterinary medicine, public health, the health sciences, nursing, arts and sciences, and business - as its main source of foreign exchange. In the past two years the country expanded its sources of revenue, including from selling passports under its citizenship by investment program. These projects produced a resurgence in the construction and manufacturing sectors of the economy.

 

In 2017, Grenada experienced its fifth consecutive year of growth and the government successfully marked the completion of its five-year structural adjustment program that included among other things austerity measures, increased tax revenue and debt restructuring. Public debt-to-GDP was reduced from 100% of GDP in 2013 to 71.8% in 2017.

Real GDP (purchasing power parity)

$1.7 billion (2020 est.)

$1.91 billion (2019 est.)

$1.87 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.1% (2017 est.)

3.7% (2016 est.)

6.4% (2015 est.)

Real GDP per capita

$15,100 (2020 est.)

$17,100 (2019 est.)

$16,800 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.119 billion (2017 est.)

Inflation rate (consumer prices)

0.9% (2017 est.)

1.7% (2016 est.)

Credit ratings

Standard & Poors rating: SD (2013)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 6.8% (2017 est.)

industry: 15.5% (2017 est.)

services: 77.7% (2017 est.)

GDP - composition, by end use

household consumption: 63% (2017 est.)

government consumption: 12% (2017 est.)

investment in fixed capital: 20% (2017 est.)

investment in inventories: -0.1% (2017 est.)

exports of goods and services: 60% (2017 est.)

imports of goods and services: -55% (2017 est.)

Agricultural products

bananas, watermelons, sweet potatoes, sugar cane, tomatoes, plantains, coconuts, melons, cucumbers, cabbages

Industries

food and beverages, textiles, light assembly operations, tourism, construction, education, call-center operations

Industrial production growth rate

10% (2017 est.)

Labor force

55,270 (2017 est.)

Labor force - by occupation

agriculture: 11%

industry: 20%

services: 69% (2008 est.)

Unemployment rate

24% (2017 est.)

28.2% (2016 est.)

Population below poverty line

38% (2008 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 288.4 million (2017 est.)

expenditures: 252.3 million (2017 est.)

Budget surplus (+) or deficit (-)

3.2% (of GDP) (2017 est.)

Public debt

70.4% of GDP (2017 est.)

82% of GDP (2016 est.)

Taxes and other revenues

25.8% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$77 million (2017 est.)

-$34 million (2016 est.)

Exports

$650 million (2018 est.) note: data are in current year dollars

$44.2 million (2016 est.)

Exports - partners

United States 40%, Saint Vincent and the Grenadines 7%, Saint Lucia 7%, France 6%, Netherlands 5%, Germany 5%, Ireland 5%, Antigua and Barbuda 5% (2019)

Exports - commodities

fish, nutmeg, cocoa beans, fruits, wheat, toilet paper (2019)

Imports

$640 million (2018 est.) note: data are in current year dollars

$314.7 million (2016 est.)

Imports - partners

United States 35%, Canada 24%, China 5% (2019)

Imports - commodities

aircraft, poultry meat, cars, refined petroleum, food preparation materials (2019)

Reserves of foreign exchange and gold

$199.1 million (31 December 2017 est.)

$198 million (31 December 2015 est.)

Debt - external

$793.5 million (2017 est.)

$682.3 million (2016 est.)

Exchange rates

East Caribbean dollars (XCD) per US dollar -

2.7 (2017 est.)

2.7 (2016 est.)

2.7 (2015 est.)

2.7 (2014 est.)

2.7 (2013 est.)

NOTE: The information regarding Grenada on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Grenada 2022 information contained here. All suggestions for corrections of any errors about Grenada 2022 should be addressed to the CIA or the source cited on each page.