Economy - overview:
Grenada relies on tourism as its main source of foreign exchange especially since the construction of an international airport in 1985. Hurricanes Ivan (2004) and Emily (2005) severely damaged the agricultural sector - particularly nutmeg and cocoa cultivation - which had been a key driver of economic growth. Grenada has rebounded from the devastating effects of the hurricanes but is now saddled with the debt burden from the rebuilding process. Public debt-to-GDP is about 110%, leaving the MITCHELL administration limited room to engage in public investments and social spending. MITCHELL in 2013 announced a structural adjustment program that includes a plan to increase tax revenue. Strong performances in construction and manufacturing, together with the development of tourism and higher education - especially in medicine - have contributed to growth in national output; however, economic growth remained stagnant in 2010-14 after a sizable contraction in 2009, because of the global economic slowdown's effects on tourism and remittances. Gross national saving – and wealth – has been declining since 2010.

GDP (purchasing power parity):
$1.385 billion (2015 est.) $1.339 billion (2014 est.) $1.267 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 199
[see also: GDP country ranks ]

GDP (official exchange rate):
$957 million (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.4% (2015 est.) 5.7% (2014 est.) 2.3% (2013 est.)
country comparison to the world: 83
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$13,000 (2015 est.) $12,600 (2014 est.) $11,900 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 120
[see also: GDP - per capita country ranks ]

Gross national saving:
1.6% of GDP (2015 est.) 1.4% of GDP (2014 est.) -3.2% of GDP (2013 est.)
country comparison to the world: 170
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 93%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 16.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 16.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -41.1% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 79.5% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables

Industries:
food and beverages, textiles, light assembly operations, tourism, construction

Industrial production growth rate:
-1% (2015 est.)
country comparison to the world: 171
[see also: Industrial production growth rate country ranks ]

Labor force:
59,900 (2013 est.)
country comparison to the world: 188
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 11%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20%
[see also: Labor force - by occupation - industry country ranks ]
services: 69% (2008 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
33.5% (2013) 25% (2008)
country comparison to the world: 191
[see also: Unemployment rate country ranks ]

Population below poverty line:
38% (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $192.4 million
[see also: Budget revenues country ranks ]
expenditures: $231.6 million (2012 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
20.1% of GDP (2012 est.)
country comparison to the world: 157
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.1% of GDP (2012 est.)
country comparison to the world: 149
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
110% of GDP (2012 est.)
country comparison to the world: 10
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.7% (2015 est.) -0.9% (2014 est.)
country comparison to the world: 95
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2009) 6.5% (31 December 2008)
country comparison to the world: 52
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.2% (31 December 2015 est.) 9.19% (31 December 2014 est.)
country comparison to the world: 92
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$183.3 million (31 December 2015 est.) $172.8 million (31 December 2014 est.)
country comparison to the world: 183
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$773.7 million (31 December 2015 est.) $747.4 million (31 December 2014 est.)
country comparison to the world: 174
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$627.1 million (31 December 2015 est.) $623.8 million (31 December 2014 est.)
country comparison to the world: 164
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$131 million (2015 est.) -$142 million (2014 est.)
country comparison to the world: 73
[see also: Current account balance country ranks ]

Exports:
$43.8 million (2015 est.) $42.2 million (2014 est.)
country comparison to the world: 203
[see also: Exports country ranks ]

Exports - commodities:
nutmeg, bananas, cocoa, fruit and vegetables, clothing, mace

Exports - partners:
Nigeria 45%, St. Lucia 11.2%, Antigua and Barbuda 7.6%, St. Kitts and Nevis 6.8%, Dominica 6.8%, US 6.7% (2014)

Imports:
$310.4 million (2015 est.) $306.6 million (2014 est.)
country comparison to the world: 198
[see also: Imports country ranks ]

Imports - commodities:
food, manufactured goods, machinery, chemicals, fuel

Imports - partners:
Trinidad and Tobago 48.6%, US 15.8% (2014)

Debt - external:
$679 million (2013 est.) $538 million (2010 est.)
country comparison to the world: 173
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2015 est.) 2.7 (2014 est.) 2.7 (2013 est.) 2.7 (2012 est.) 2.7 (2011 est.)