Economy - overview:
Grenada relies on tourism as its main source of foreign exchange, but in recent years the country has become increasingly dependent on revenue generated from selling passports under its citizenship investment programs. Strong performance in construction and manufacturing, together with the development of tourism and higher education contributed to growth in national output; however, economic growth remained stagnant in the 2010-14 period, after a sizable contraction in 2009, because of the global economic slowdown's effect on tourism and remittances. Gross national saving and wealth has been declining since 2010.
After the country defaulted in 2013, the government adopted a structural adjustment program that included increasing tax revenue, and the economy stabilized. Public debt-to-GDP was reduced from 100% of GDP in 2013 to 71.8% in 2017, leaving the MITCHELL administration limited room to engage in public investments and social spending.
GDP (purchasing power parity):
$1.59 billion (2017 est.)
$1.551 billion (2016 est.)
$1.495 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 198
GDP (official exchange rate):
$1.111 billion (2017 est.)
GDP - real growth rate:
2.5% (2017 est.)
3.7% (2016 est.)
6.4% (2015 est.)
country comparison to the world: 131
GDP - per capita (PPP):
$14,700 (2017 est.)
$14,500 (2016 est.)
$14,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 111
Gross national saving:
13.1% of GDP (2017 est.)
17% of GDP (2016 est.)
13.9% of GDP (2015 est.)
country comparison to the world: 137
GDP - composition, by end use:
household consumption: 84.4%
government consumption: 14.4%
investment in fixed capital: 15.9%
investment in inventories: -0.1%
exports of goods and services: 20.4%
imports of goods and services: -35.1% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 9.1%
industry: 14.2%
services: 76.7% (2017 est.)
Agriculture - products:
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
Industries:
food and beverages, textiles, light assembly operations, tourism, construction
Industrial production growth rate:
0.6% (2017 est.)
country comparison to the world: 179
Labor force:
59,900 (2013 est.)
country comparison to the world: 188
Labor force - by occupation:
agriculture: 11%
industry: 20%
services: 69% (2008 est.)
Unemployment rate:
33.5% (2013 est.)
25% (2008 est.)
country comparison to the world: 207
Population below poverty line:
38% (2008 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $279.2 million
expenditures: $284.6 million (2017 est.)
Taxes and other revenues:
25.1% of GDP (2017 est.)
country comparison to the world: 113
Budget surplus (+) or deficit (-):
-0.5% of GDP (2017 est.)
country comparison to the world: 49
Public debt:
84.4% of GDP (2016 est.)
91.7% of GDP (2015 est.)
country comparison to the world: 32
Fiscal year:
calendar year
Inflation rate (consumer prices):
2.6% (2017 est.)
1.7% (2016 est.)
country comparison to the world: 121
Central bank discount rate:
6.5% (31 December 2009 est.)
6.5% (31 December 2008 est.)
country comparison to the world: 58
Commercial bank prime lending rate:
8.5% (31 December 2017 est.)
8.66% (31 December 2016 est.)
country comparison to the world: 99
Stock of narrow money:
$223 million (31 December 2017 est.)
$214 million (31 December 2016 est.)
country comparison to the world: 183
Stock of broad money:
$807.8 million (31 December 2017 est.)
$796.7 million (31 December 2016 est.)
country comparison to the world: 175
Stock of domestic credit:
$574.2 million (31 December 2017 est.)
$566.3 million (31 December 2016 est.)
country comparison to the world: 174
Market value of publicly traded shares:
$NA
Current account balance:
$-79 million (2017 est.)
$-34 million (2016 est.)
country comparison to the world: 76
Exports:
$43.4 million (2017 est.)
$44.2 million (2016 est.)
country comparison to the world: 206
Exports - commodities:
nutmeg, bananas, cocoa, fruit and vegetables, clothing, mace
Exports - partners:
US 28.4%, Japan 11%, Dominica 7.9%, St. Lucia 7.6%, Netherlands 5.2%, Barbados 4.9%, St. Kitts and Nevis 4.8% (2016)
Imports:
$310.2 million (2017 est.)
$313.7 million (2016 est.)
country comparison to the world: 199
Imports - commodities:
food, manufactured goods, machinery, chemicals, fuel
Imports - partners:
US 32.7%, Trinidad and Tobago 23.5%, China 6%, Japan 4.6% (2016)
Reserves of foreign exchange and gold:
$207.7 million (31 December 2016 est.)
$198 million (31 December 2015 est.)
country comparison to the world: 160
Debt - external:
$679 million (2013 est.)
$538 million (2010 est.)
country comparison to the world: 174
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.)