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Grenada Economy Profile 2018

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Economy - overviewGrenada relies on tourism as its main source of foreign exchange especially since the construction of an international airport in 1985. Strong performance in construction and manufacturing, together with the development of tourism and higher education - especially in medicine - 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 effects on tourism and remittances. Gross national saving – and wealth – has been declining since 2010.

Hurricanes Ivan (2004) and Emily (2005) severely damaged the agricultural sector - particularly nutmeg and cocoa cultivation - which had been a key driver of economic growth. Grenada has rebounded from the devastating effects of the hurricanes but is now saddled with the debt burden from the rebuilding process. Public debt-to-GDP is about 110%, leaving the MITCHELL administration limited room to engage in public investments and social spending. MITCHELL in 2013 announced a structural adjustment program that includes a plan to increase tax revenue.
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
GDP (official exchange rate)$1.111 billion (2016 est.)
GDP - real growth rate2.5% (2017 est.)
3.7% (2016 est.)
6.4% (2015 est.)
GDP - per capita (PPP)$14,700 (2017 est.)
$14,500 (2016 est.)
$14,000 (2015 est.)
note: data are in 2017 dollars
Gross national saving13.1% of GDP (2017 est.)
17% of GDP (2016 est.)
13.9% of GDP (2015 est.)
GDP - composition, by end usehousehold 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% (2017 est.)
GDP - composition by sectoragriculture: 9.1%
industry: 14.2%
services: 76.7% (2017 est.)
Population below poverty line38% (2008 est.)
Labor force59,900 (2013 est.)
Labor force - by occupationagriculture: 11%
industry: 20%
services: 69% (2008 est.)
Unemployment rate33.5% (2013)
25% (2008)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $279.2 million
expenditures: $284.6 million (2017 est.)
Taxes and other revenues25.1% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-0.5% of GDP (2017 est.)
Public debt84.4% of GDP (2016 est.)
91.7% of GDP (2015 est.)
Inflation rate (consumer prices)2.6% (2017 est.)
1.7% (2016 est.)
Central bank discount rate6.5% (31 December 2009)
6.5% (31 December 2008)
Commercial bank prime lending rate8.5% (31 December 2017 est.)
8.66% (31 December 2016 est.)
Stock of narrow money$223 million (31 December 2017 est.)
$214 million (31 December 2016 est.)
Stock of broad money$807.8 million (31 December 2017 est.)
$796.7 million (31 December 2016 est.)
Stock of domestic credit$574.2 million (31 December 2017 est.)
$566.3 million (31 December 2016 est.)
Market value of publicly traded shares$NA
Agriculture - productsbananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
Industriesfood and beverages, textiles, light assembly operations, tourism, construction
Industrial production growth rate0.6% (2017 est.)
Current Account Balance-$79 million (2017 est.)
-$34 million (2016 est.)
Exports$43.4 million (2017 est.)
$44.2 million (2016 est.)
Exports - commoditiesnutmeg, bananas, cocoa, fruit and vegetables, clothing, mace
Exports - partnersUS 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.)
Imports - commoditiesfood, manufactured goods, machinery, chemicals, fuel
Imports - partnersUS 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.)
Debt - external$679 million (2013 est.)
$538 million (2010 est.)
Exchange ratesEast 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.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018