Grenada - Economic Indicators

Economic 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...

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GDP Reference Last Previous Units Frequency
Nominal Fixed Investment (gross fixed capital formation) 2016 520,954,675 477,361,100 NCU Annual
Investment 2016 574,920,000 477,350,000 XCD Annual
Private Consumption 2016 1,820,395,217 1,836,110,895 XCD Annual
Nominal Gross Domestic Product 2016 2,851,709,163 2,691,921,443 XCD Annual
Government Consumption 2014 374.78 379.28 Mil. XCD Annual
Real Gross Domestic Product 2010 100 99.58 Index 1990=100 Annual
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Dec 2017 106.66 106.86 2010=100, NSA Monthly
Trade Reference Last Previous Units Frequency
Exports of Goods and Services 2016 1,599,921,613 1,561,465,223 XCD Annual
Imports of Goods and Services 2016 1,493,227,668 1,526,744,676 XCD Annual
Imports of Goods 2016 314,693,117 327,350,003 USD Annual
Current Account Balance 2016 -33,893,231 -38,256,596 USD Annual
Balance of Goods 2016 -277,089,043 -286,244,201 USD Annual
Exports of Goods 2016 37,604,073 41,105,802 USD Annual
Markets Reference Last Previous Units Frequency
Treasury Bills (over 31 days) Feb 2018 3.66 3.66 % p.a., NSA Monthly
Money Market Rate Jan 2016 6.89 6.89 % p.a., NSA Monthly
Lending Rate Feb 2013 6.5 6.5 % - End of period Monthly
Demographics Reference Last Previous Units Frequency
Population 2017 107,825 107,317 # Annual
Birth Rate 2016 18.68 18.95 # per Ths. pop. Annual
Death Rate 2016 7.11 7.13 # per Ths. pop. Annual
Net Migration 2012 -4,274 # Annual

Factbook

Background

Background:
Carib Indians inhabited Grenada when Christopher COLUMBUS discovered the island in 1498, but it remained uncolonized for more than a century. The French settled Grenada in the 17th century, established sugar estates, and imported large numbers of African slaves. Britain took the island in 1762 and vigorously expanded sugar production. In the 19th century, cacao eventually surpassed sugar as the main export crop; in the 20th century, nutmeg became the leading export. In 1967, Britain gave Grenada autonomy over its internal affairs. Full independence was attained in 1974 making Grenada one of the smallest independent countries in the Western Hemisphere. In 1979, a leftist New Jewel Movement seized power under Maurice BISHOP ushering in the Grenada Revolution. On 19 October 1983, factions within the revolutionary government overthrew and killed BISHOP and members of his party. Six days later the island was invaded by US forces and those of six other Caribbean nations, which quickly captured the ringleaders and their hundreds of Cuban advisers. The rule of law was restored and democratic elections were reinstituted the following year and have continued since then.

Geography

Location:
Caribbean, island between the Caribbean Sea and Atlantic Ocean, north of Trinidad and Tobago
Geographic coordinates:
12 07 N, 61 40 W
Map references:
Central America and the Caribbean
Area:
total: 344 sq km
land: 344 sq km
water: 0 sq km
country comparison to the world: 208
Area - comparative:
twice the size of Washington, DC
Land boundaries:
0 km
Coastline:
121 km
Maritime claims:
territorial sea: 12 nm
exclusive economic zone: 200 nm
Climate:
tropical; tempered by northeast trade winds
Terrain:
volcanic in origin with central mountains
Elevation:
mean elevation: NA
elevation extremes: lowest point: Caribbean Sea 0 m
highest point: Mount Saint Catherine 840 m
Natural resources:
timber, tropical fruit
Land use:
agricultural land: 32.3%
arable land 8.8%; permanent crops 20.6%; permanent pasture 2.9%
forest: 50%
other: 17.7% (2011 est.)
Irrigated land:
20 sq km (2012)
Population - distribution:
approximately one-third of the population is found in the capital of St. George's; the island's population is concentrated along the coast
Natural hazards:
lies on edge of hurricane belt; hurricane season lasts from June to November
volcanism: Mount Saint Catherine (840 m) lies on the island of Grenada; Kick 'em Jenny, an active submarine volcano (seamount) on the Caribbean Sea floor, lies about 8 km north of the island of Grenada; these two volcanoes are at the southern end of the volcanic island arc of the Lesser Antilles that extends up to the Netherlands dependency of Saba in the north
Environment - current issues:
deforestation causing habitat destruction and species loss; coastal erosion and contamination; pollution and sedimentation; inadequate solid waste management
Environment - international agreements:
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Law of the Sea, Ozone Layer Protection, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
the administration of the islands of the Grenadines group is divided between Saint Vincent and the Grenadines and Grenada

People & Society

Population:
111,724 (July 2017 est.)
country comparison to the world: 190
Nationality:
noun: Grenadian(s)
adjective: Grenadian
Ethnic groups:
African descent 82.4%, mixed 13.3%, East Indian 2.2%, other 1.3%, unspecified 0.9% (2011 est.)
Languages:
English (official), French patois
Religions:
Protestant 49.2% (includes Pentecostal 17.2%, Seventh Day Adventist 13.2%, Anglican 8.5%, Baptist 3.2%, Church of God 2.4%, Evangelical 1.9%, Methodist 1.6%, other 1.2%), Roman Catholic 36%, Jehovah's Witness 1.2%, Rastafarian 1.2%, other 5.5%, none 5.7%, unspecified 1.3% (2011 est.)
Age structure:
0-14 years: 23.99% (male 13,914/female 12,893)
15-24 years: 15.03% (male 8,377/female 8,414)
25-54 years: 40.38% (male 23,099/female 22,013)
55-64 years: 10.52% (male 6,016/female 5,740)
65 years and over: 10.08% (male 5,210/female 6,048) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 50.7
youth dependency ratio: 39.9
elderly dependency ratio: 10.8
potential support ratio: 9.3 (2015 est.)
Median age:
total: 31.5 years
male: 31.5 years
female: 31.6 years (2017 est.)
country comparison to the world: 107
Population growth rate:
0.44% (2017 est.)
country comparison to the world: 159
Birth rate:
15.5 births/1,000 population (2017 est.)
country comparison to the world: 121
Death rate:
8.2 deaths/1,000 population (2017 est.)
country comparison to the world: 84
Net migration rate:
-2.9 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 173
Population distribution:
approximately one-third of the population is found in the capital of St. George's; the island's population is concentrated along the coast
Urbanization:
urban population: 35.7% of total population (2017)
rate of urbanization: 0.44% annual rate of change (2015-20 est.)
Major urban areas - population:
SAINT GEORGE'S (capital) 38,000 (2014)
Sex ratio:
at birth: 1.1 male(s)/female
0-14 years: 1.08 male(s)/female
15-24 years: 0.99 male(s)/female
25-54 years: 1.05 male(s)/female
55-64 years: 1.05 male(s)/female
65 years and over: 0.85 male(s)/female
total population: 1.03 male(s)/female (2017 est.)
Maternal mortality ratio:
27 deaths/100,000 live births (2015 est.)
country comparison to the world: 118
Infant mortality rate:
total: 9.7 deaths/1,000 live births
male: 9.2 deaths/1,000 live births
female: 10.3 deaths/1,000 live births (2017 est.)
country comparison to the world: 141
Life expectancy at birth:
total population: 74.5 years
male: 71.9 years
female: 77.4 years (2017 est.)
country comparison to the world: 123
Total fertility rate:
2.02 children born/woman (2017 est.)
country comparison to the world: 117
Health expenditures:
6.1% of GDP (2014)
country comparison to the world: 103
Hospital bed density:
3.7 beds/1,000 population (2014)
Drinking water source:
improved:
urban: 99% of population
rural: 95.3% of population
total: 96.6% of population
unimproved:
urban: 1% of population
rural: 4.7% of population
total: 3.4% of population (2015 est.)
Sanitation facility access:
improved:
urban: 97.5% of population
rural: 98.3% of population
total: 98% of population
unimproved:
urban: 2.5% of population
rural: 1.7% of population
total: 2% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Major infectious diseases:
note: active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)
Obesity - adult prevalence rate:
21.3% (2016)
country comparison to the world: 90
Education expenditures:
10.3% of GDP (2016)
country comparison to the world: 112
School life expectancy (primary to tertiary education):
total: 17 years
male: 17 years
female: 17 years (2015)

Government

Country name:
conventional long form: none
conventional short form: Grenada
etymology: derivation of the name remains obscure; some sources attribute the designation to Spanish influence (most likely named for the Spanish city of Granada), with subsequent French and English interpretations resulting in the present-day Grenada; in Spanish "granada" means "pomegranate"
Government type:
parliamentary democracy
Capital:
name: Saint George's
geographic coordinates: 12 03 N, 61 45 W
time difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time)
Administrative divisions:
6 parishes and 1 dependency*; Carriacou and Petite Martinique*, Saint Andrew, Saint David, Saint George, Saint John, Saint Mark, Saint Patrick
Independence:
7 February 1974 (from the UK)
National holiday:
Independence Day, 7 February (1974)
Constitution:
previous 1967; latest presented 19 December 1973, effective 7 February 1974, suspended 1979 following a revolution, but restored in 1983; amended 1991 (Constitutional Judicature Act, 1991) (2017)
Legal system:
common law based on English model
International law organization participation:
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: yes
citizenship by descent: yes
dual citizenship recognized: yes
residency requirement for naturalization: 7 years for persons from a non-Caribbean state and 4 years for a person from a Caribbean state
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen ELIZABETH II (since 6 February 1952); represented by Governor General Cecile LA GRENADE (since 7 May 2013)
head of government: Prime Minister Keith MITCHELL (since 20 February 2013)
cabinet: Cabinet appointed by the governor general on the advice of the prime minister
elections/appointments: the monarchy is hereditary; governor general appointed by the monarch; following legislative elections, the leader of the majority party or majority coalition usually appointed prime minister by the governor general
Legislative branch:
description: bicameral Parliament consists of the Senate (13 seats; members appointed by the governor general - 10 on the advice of the prime minister and 3 on the advice of the leader of the opposition; members serve 5-year terms) and the House of Representatives (15 seats; members directly elected in single-seat constituencies by simple majority vote to serve 5-year terms)
elections: last held on 13 March 2018 (next to be not later than 2023)
election results: House of Representatives - percent of vote by party - NNP 58.9%, NDC 40.5%; other 0.6% seats by party - NNP 15
Judicial branch:
highest court(s): regionally, the Eastern Caribbean Supreme Court (ECSC) is the superior court of the Organization of Eastern Caribbean States; the ECSC - headquartered on St. Lucia - consists of the Court of Appeal - headed by the chief justice and 4 judges - and the High Court with 18 judges; the Court of Appeal is itinerant, travelling to member states on a schedule to hear appeals from the High Court and subordinate courts; High Court judges reside at the member states with 2 in Grenada; appeals beyond the ECSC in civil and criminal matters are heard by the Judicial Committee of the Privy Council in the UK
judge selection and term of office: chief justice of Eastern Caribbean Supreme Court appointed by the Her Majesty, Queen ELIZABETH II; other justices and judges appointed by the Judicial and Legal Services Commission, and independent body of judicial officials; Court of Appeal justices appointed for life with mandatory retirement at age 65; High Court judges appointed for life with mandatory retirement at age 62
subordinate courts: magistrates' courts; Court of Magisterial Appeals
Political parties and leaders:
National Democratic Congress or NDC [Nazim BURKE]
New National Party or NNP [Keith MITCHELL]
Political pressure groups and leaders:
Committee for Human Rights in Grenada or CHRG
Grouping of Civil Society Organizations
Trade Unions of Grenada
International organization participation:
ACP, AOSIS, C, Caricom, CDB, CELAC, FAO, G-77, IBRD, ICAO, ICCt (signatory), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, ITU, ITUC, LAES, MIGA, NAM, OAS, OECS, OPANAL, OPCW, Petrocaribe, UN, UNCTAD, UNESCO, UNIDO, UPU, WHO, WIPO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Ethelstan Angus FRIDAY (since 3 September 2013)
chancery: 1701 New Hampshire Avenue NW, Washington, DC 20009
telephone: [1] (202) 265-2561
FAX: [1] (202) 265-2468
consulate(s) general: Miami
Diplomatic representation from the US:
chief of mission: the US does not have an embassy in Grenada; the US Ambassador to Barbados is accredited to Grenada
embassy: Lance-aux-Epines Stretch, Saint George's
mailing address: P. O. Box 54, Saint George's
telephone: [1] (473) 444-1173 through 1176
FAX: [1] (473) 444-4820
Flag description:
a rectangle divided diagonally into yellow triangles (top and bottom) and green triangles (hoist side and outer side), with a red border around the flag; there are seven yellow, five-pointed stars with three centered in the top red border, three centered in the bottom red border, and one on a red disk superimposed at the center of the flag; there is also a symbolic nutmeg pod on the hoist-side triangle (Grenada is the world's second-largest producer of nutmeg, after Indonesia); the seven stars stand for the seven administrative divisions, with the central star denoting the capital, St. George; yellow represents the sun and the warmth of the people, green stands for vegetation and agriculture, and red symbolizes harmony, unity, and courage
National symbol(s):
Grenada dove, Bougainvillea flower; national colors: red, yellow, green
National anthem:
name: "Hail Grenada"
lyrics/music: Irva Merle BAPTISTE/Louis Arnold MASANTO
note: adopted 1974

Economy

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.)

Energy

Electricity access:
population without electricity: 11,121
electrification - total population: 91%
electrification - urban areas: 100%
electrification - rural areas: 80% (2012)
Electricity - production:
200 million kWh (2015 est.)
country comparison to the world: 189
Electricity - consumption:
185 million kWh (2015 est.)
country comparison to the world: 192
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 142
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 155
Electricity - installed generating capacity:
50,000 kW (2015 est.)
country comparison to the world: 191
Electricity - from fossil fuels:
98% of total installed capacity (2015 est.)
country comparison to the world: 38
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 99
Electricity - from hydroelectric plants:
0% of total installed capacity (2015 est.)
country comparison to the world: 178
Electricity - from other renewable sources:
2% of total installed capacity (2015 est.)
country comparison to the world: 122
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 142
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 130
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 133
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 141
Refined petroleum products - production:
0 bbl/day (2014 est.)
country comparison to the world: 150
Refined petroleum products - consumption:
2,300 bbl/day (2015 est.)
country comparison to the world: 192
Refined petroleum products - exports:
0 bbl/day (2014 est.)
country comparison to the world: 160
Refined petroleum products - imports:
2,259 bbl/day (2014 est.)
country comparison to the world: 186
Natural gas - production:
0 cu m (2013 est.)
country comparison to the world: 141
Natural gas - consumption:
0 cu m (2013 est.)
country comparison to the world: 186
Natural gas - exports:
0 cu m (2013 est.)
country comparison to the world: 112
Natural gas - imports:
0 cu m (2013 est.)
country comparison to the world: 131
Natural gas - proved reserves:
0 cu m (1 January 2014 est.)
country comparison to the world: 145
Carbon dioxide emissions from consumption of energy:
500,000 Mt (2013 est.)
country comparison to the world: 185

Communications

Telephones - fixed lines:
total subscriptions: 26,776
subscriptions per 100 inhabitants: 24 (July 2016 est.)
country comparison to the world: 170
Telephones - mobile cellular:
total: 118,973
subscriptions per 100 inhabitants: 106 (July 2016 est.)
country comparison to the world: 191
Telephone system:
general assessment: adequate, automatic, island-wide telephone system
domestic: interisland VHF and UHF radiotelephone links
international: country code - 1-473; landing point for the East Caribbean Fiber System (ECFS) submarine cable with links to 13 other islands in the eastern Caribbean extending from the British Virgin Islands to Trinidad; SHF radiotelephone links to Trinidad and Tobago and Saint Vincent; VHF and UHF radio links to Trinidad (2015)
Broadcast media:
government-owned Grenada Information Service (GIS) provides television/radio and print/media services; the Grenada Broadcasting Network (GBN), jointly owned by the government and the Caribbean Communications Network of Trinidad and Tobago, operates a TV station and 2 radio stations; multiple publicly and privately owned television and radio stations; multi-channel cable TV subscription service is available (2018)
Internet country code:
.gd
Internet users:
total: 62,123
percent of population: 55.9% (July 2016 est.)
country comparison to the world: 187

Transportation

National air transport system:
number of registered air carriers: 0
inventory of registered aircraft operated by air carriers: 0
annual passenger traffic on registered air carriers: 0
annual freight traffic on registered air carriers: 0 mt-km (2015)
Civil aircraft registration country code prefix:
J3 (2016)
Airports:
3 (2013)
country comparison to the world: 195
Airports - with paved runways:
total: 3
2,438 to 3,047 m: 1
1,524 to 2,437 m: 1
under 914 m: 1 (2017)
Roadways:
total: 1,127 km
paved: 687 km
unpaved: 440 km (2001)
country comparison to the world: 184
Merchant marine:
total: 6
by type: general cargo 3, other 3 (2017)
country comparison to the world: 161
Ports and terminals:
major seaport(s): Saint George's

Military & Security

Military branches:
no regular military forces; Royal Grenada Police Force (includes Coast Guard) (2010)

Transnational Issues

Disputes - international:
none
Illicit drugs:
small-scale cannabis cultivation; lesser transshipment point for marijuana and cocaine to US

Economic Indicators for Grenada including actual values, historical data, and latest data updates for the Grenada economy.