Grenada Economy

Is Grenada a wealthy country?

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.

Grenada Economy Data

What is the GDP of Grenada?

Currency Name and Code	East Caribbean Dollar (XCD)
GDP - Gross Domestic Product (PPP)	$1,700,000,000 (USD)
GDP - official exchange rate	$957,000,000 (USD)
GDP - real growth rate	3.4%
GDP Per Capita	$13,000.00 (USD)
GDP by Sector- agriculture	6.2%
GDP by Sector- Industry	14.3%
GDP by Sector- services	79.5%
GDP - composition, by end use	household consumption: 93% government consumption: 15.2% investment in fixed capital: 16.1% investment in inventories: -0.1% exports of goods and services: 16.9% imports of goods and services: -41.1%
Population Below Poverty Line	32%
Inflation Rate	3.7%
Labor Force	42,300
Labor Force By Occupation- agriculture	11%
Labor Force By Occupation- industry	20%
Labor Force By Occupation- services	69%
Unemployment Rate	12.5%
Fiscal Year	calendar year
Annual Budget	$175,300,000 (USD)
Budget Surplus or Deficit - percent of GDP	-4.1%
Taxes and other revenues - percent of GDP	20.1%
Major Industries	food and beverages, textiles, light assembly operations, tourism, construction
Agriculture Products	bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
Exchange Rate per US Dollar	East Caribbean dollar (XCD)
Commercial Bank Prime Lending Rate	9.4%

Labor Force by Occupation- As reported by Grenada

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