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: sugarcane, coconuts, eggs, vegetables, fruits, bananas, plantains, grapefruits, avocados, mangoes/guavas (2023).
More about the economy of Grenada
| Labor force | |
|---|---|
| Industrial production growth rate | 2.9% (2024 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 | |
| Fiscal year | |
| Exchange rates | |
| Currency | East Caribbean dollars (XCD) per US dollar - |
| Exchange rates 2024 | 2.7 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $501.371 million (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $423.263 million (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $404.13 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $371.767 million (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$270.771 million (2024 est.) |
| Current account balance 2023 | -$243.473 million (2023 est.) |
| Current account balance 2022 | -$148.445 million (2022 est.) |
| Budget | |
| Revenues | $288.404 million (2017 est.) |
| Expenditures | $222.475 million (2017 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 5% of GDP (2024 est.) |
| Remittances 2023 | 5.3% of GDP (2023 est.) |
| Remittances 2022 | 5.1% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.1% (2018 est.) |
| Highest 10% | 33.7% (2018 est.) |
| Imports | |
| Imports 2024 | $990.587 million (2024 est.) |
| Imports 2023 | $924.688 million (2023 est.) |
| Imports 2022 | $785.022 million (2022 est.) |
| Imports (partners) | USA 37%, Trinidad & Tobago 13%, Cayman Islands 10%, China 4%, UK 3% (2023) |
| Comodities Imports force | refined petroleum, cars, poultry, ships, plastic products (2023) |
| Exports | |
| Imports 2024 | $990.587 million (2024 est.) |
| Imports 2023 | $924.688 million (2023 est.) |
| Imports 2022 | $785.022 million (2022 est.) |
| Exports (partners) | USA 24%, Antigua & Barbuda 13%, St. Vincent & the Grenadines 8%, Dominica 6%, Trinidad & Tobago 5% (2023) |
| Comodities Exports force | nutmeg/cardamons, fish, wheat flours, frozen fruits and nuts, aqueous paints (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $2.08 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $2.005 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.916 billion (2022 est.) |
| GDP (official exchange rate) | $1.391 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $17,700 (2024 est.) |
| Real GDP per capita 2023 | $17,100 (2023 est.) |
| Real GDP per capita 2022 | $16,400 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.7% (2024 est.) |
| Industry | 14.8% (2024 est.) |
| Services | 65.2% (2024 est.) |
All Important Facts about Grenada
Want to know more about Grenada? Check all different factbooks for Grenada below.
