Grenada Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

small OECS service-based economy; large tourism, construction, transportation, and education sectors; major spice exporter; shrinking but still high public debt; vulnerable to hurricanes; emerging blue economy incentives

Real GDP (purchasing power parity)

$1.706 billion (2021 est.)

$1.629 billion (2020 est.)

$1.889 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.69% (2021 est.)

-13.76% (2020 est.)

0.68% (2019 est.)

Real GDP per capita

$13,700 (2021 est.)

$13,200 (2020 est.)

$15,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.119 billion (2017 est.)

Inflation rate (consumer prices)

1.22% (2021 est.)

-0.74% (2020 est.)

0.6% (2019 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

15.33% (2021 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: $323 million (2019 est.)

expenditures: $263 million (2019 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

-$293.776 million (2021 est.)

-$219.561 million (2020 est.)

-$176.958 million (2019 est.)

Exports

$393.766 million (2021 est.) note: data are in current year dollars

$421.843 million (2020 est.)

$661.723 million (2019 est.)

Exports - partners

United States 30%, Saint Vincent and the Grenadines 12%, France 7%, Germany 5%, Trinidad and Tobago 5% (2021)

Exports - commodities

nutmeg, tuna, cocoa beans, fruits, nuts, toilet paper, acrylic paints, beer (2021)

Imports

$650 million (2021 est.) note: data are in current year dollars

$587 million (2020 est.)

$727 million (2019 est.)

Imports - partners

United States 35%, Trinidad and Tobago 17%, Cayman Islands 8%, China 5%, United Kingdom 4% (2021)

Imports - commodities

refined petroleum, poultry, cars, food preparation materials, delivery trucks (2021)

Reserves of foreign exchange and gold

$348.259 million (31 December 2021 est.)

$293.32 million (31 December 2020 est.)

$236.325 million (31 December 2019 est.)

Debt - external

$793.5 million (2017 est.)

$682.3 million (2016 est.)

Exchange rates

East Caribbean dollars (XCD) per US dollar -

2.7 (2021 est.)

2.7 (2020 est.)

2.7 (2019 est.)

2.7 (2018 est.)

2.7 (2017 est.)

NOTE: The information regarding Grenada on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Grenada 2023 information contained here. All suggestions for corrections of any errors about Grenada 2023 should be addressed to the CIA or the source cited on each page.