Grenada - Economy
How is the economy of Grenada? Based on the information we have, Grenada has a small OECS service-based economy; large tourism, construction, transportation, and education sectors; major spice exporter; shrinking but still high public debt; vulnerable to hurricanes; emerging blue economy incentives. Key agricultural products in this country include: coconuts, sugarcane, eggs, bananas, vegetables, fruits, plantains, root vegetables, grapefruits, avocados (2022).
More about the economy of Grenada
| Labor force | 55,270 (2017 est.) |
|---|---|
| Industrial production growth rate | -4.07% (2023 est.) |
| Industries | food and beverages, textiles, light assembly operations, tourism, construction, education, call-center operations |
| Population below poverty line | 25% (2018 est.) |
| Taxes and other revenues | 25.8% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | East Caribbean dollars (XCD) per US dollar - |
| Exchange rates 2023 | 2.7 (2023 est.) |
| Exchange rates 2022 | 2.7 (2022 est.) |
| Exchange rates 2021 | 2.7 (2021 est.) |
| Exchange rates 2020 | 2.7 (2020 est.) |
| Exchange rates 2019 | 2.7 (2019 est.) |
| Debt - external | |
| Debt - external 2017 | $793.5 million (2017 est.) |
| Debt - external 2016 | $682.3 million (2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $404.13 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $371.767 million (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $348.259 million (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$184.237 million (2023 est.) |
| Current account balance 2022 | -$135.727 million (2022 est.) |
| Current account balance 2021 | -$162.344 million (2021 est.) |
| Public debt | |
| Public debt 2017 | 70.4% of GDP (2017 est.) |
| Budget | |
| Revenues | $323 million (2019 est.) |
| Expenditures | $263 million (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 3.74% of GDP (2023 est.) |
| Remittances 2022 | 5.74% of GDP (2022 est.) |
| Remittances 2021 | 5.53% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.1% (2018 est.) |
| Highest 10% | 33.7% (2018 est.) |
| Imports | |
| Imports 2023 | $1.021 billion (2023 est.) |
| Imports 2022 | $791.232 million (2022 est.) |
| Imports 2021 | $621.896 million (2021 est.) |
| Imports (partners) | US 37%, Trinidad and Tobago 11%, Cayman Islands 11%, China 5%, UK 3% (2022) |
| Comodities Imports force | refined petroleum, poultry, plastic products, wheat, cars (2022) |
| Exports | |
| Imports 2023 | $1.021 billion (2023 est.) |
| Imports 2022 | $791.232 million (2022 est.) |
| Imports 2021 | $621.896 million (2021 est.) |
| Exports (partners) | US 33%, Antigua and Barbuda 10%, India 4%, Saint Vincent and the Grenadines 4%, France 3% (2022) |
| Comodities Exports force | nutmeg/cardamom, frozen fruits and nuts, fish, other fruits, toilet paper (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $2.008 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.916 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $1.785 billion (2021 est.) |
| GDP (official exchange rate) | $1.32 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $15,900 (2023 est.) |
| Real GDP per capita 2022 | $15,300 (2022 est.) |
| Real GDP per capita 2021 | $14,300 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 6.8% (2017 est.) |
| Industry | 15.5% (2017 est.) |
| Services | 77.7% (2017 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.) |
| Unemployment rate | |
| Unemployment rate 2017 | 24% (2017 est.) |
| Unemployment rate 2016 | 28.2% (2016 est.) |
All Important Facts about Grenada
Want to know more about Grenada? Check all different factbooks for Grenada below.
