Grenada Economy

Is Grenada a rich 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) $1,326,000,000 (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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