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 2022 $458.369 million (2022 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 $288.404 million (2017 est.)
Expenditures $222.475 million (2017 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 3.3% (2023 est.)
Industry 14.9% (2023 est.)
Services 64.3% (2023 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

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Grenada is found in Caribbean