Grenada Economy - 2024

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.)

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

Remittances

6.59% of GDP (2021 est.)
6.75% of GDP (2020 est.)
5.22% of GDP (2019 est.)

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 -

Exchange rates:
2.7 (2021 est.)
2.7 (2020 est.)
2.7 (2019 est.)
2.7 (2018 est.)
2.7 (2017 est.)