| Economy - overview | Grenada relies on tourism and revenue generated by St. George’s University - a private university offering degrees in medicine, veterinary medicine, public health, the health sciences, nursing, arts and sciences, and business - as its main source of foreign exchange. In the past two years the country expanded its sources of revenue, including from selling passports under its citizenship by investment program. These projects produced a resurgence in the construction and manufacturing sectors of the economy. In 2017, Grenada experienced its fifth consecutive year of growth and the government successfully marked the completion of its five-year structural adjustment program that included among other things austerity measures, increased tax revenue and debt restructuring. Public debt-to-GDP was reduced from 100% of GDP in 2013 to 71.8% in 2017. |
| GDP (purchasing power parity) | $1.908 billion (2019 est.) $1.872 billion (2018 est.) $1.798 billion (2017 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $1.119 billion (2017 est.) |
| GDP - real growth rate | 5.1% (2017 est.) 3.7% (2016 est.) 6.4% (2015 est.) |
| GDP - per capita (PPP) | $17,039 (2019 est.) $16,801 (2018 est.) $16,218 (2017 est.) note: data are in 2017 dollars |
| Gross national saving | 11.7% of GDP (2017 est.) 17% of GDP (2016 est.) 13.9% of GDP (2015 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.) |
| GDP - composition by sector | agriculture: 6.8% (2017 est.) industry: 15.5% (2017 est.) services: 77.7% (2017 est.) |
| Ease of Doing Business Index scores | Overall score: 53.4 (2020) Starting a Business score: 88 (2020) Trading score: 61.5 (2020) Enforcement score: 59.3 (2020) |
| Population below poverty line | 38% (2008 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.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 288.4 million (2017 est.) expenditures: 252.3 million (2017 est.) |
| Taxes and other revenues | 25.8% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | 3.2% (of GDP) (2017 est.) |
| Public debt | 70.4% of GDP (2017 est.) 82% of GDP (2016 est.) |
| Inflation rate (consumer prices) | 0.9% (2017 est.) 1.7% (2016 est.) |
| Credit ratings | Standard & Poors rating: SD (2013) |
| Agriculture - 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 | 10% (2017 est.) |
| Current Account Balance | -$77 million (2017 est.) -$34 million (2016 est.) |
| Exports | $39.9 million (2017 est.) $44.2 million (2016 est.) |
| Exports - commodities | fish, nutmeg, cocoa beans, fruits, wheat, toilet paper (2019) |
| Exports - partners | United States 40%, Saint Vincent and the Grenadines 7%, Saint Lucia 7%, France 6%, Netherlands 5%, Germany 5%, Ireland 5%, Antigua and Barbuda 5% (2019) |
| Imports | $316 million (2017 est.) $314.7 million (2016 est.) |
| Imports - commodities | aircraft, poultry meat, cars, refined petroleum, food preparation materials (2019) |
| Imports - partners | United States 35%, Canada 24%, China 5% (2019) |
| Reserves of foreign exchange and gold | $199.1 million (31 December 2017 est.) $198 million (31 December 2015 est.) |
| Debt - external | $793.5 million (2017 est.) $682.3 million (2016 est.) |
| 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.) |
| Fiscal year | calendar year |
Source: CIA World Factbook
This page was last updated on September 18, 2021
