Economy - overview:
Grenada relies on tourism as its main source of foreign exchange especially since the construction of an international airport in 1985. Strong performance in construction and manufacturing, together with the development of tourism and higher education - especially in medicine - contributed to growth in national output; however, economic growth remained stagnant in the 2010-14 period, 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.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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$1.59 billion (2017 est.)
$1.551 billion (2016 est.)
$1.495 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 199
$1.111 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
2.5% (2017 est.)
3.7% (2016 est.)
6.4% (2015 est.)
country comparison to the world: 134
[see also: GDP - real growth rate country ranks ]
$14,700 (2017 est.)
$14,500 (2016 est.)
$14,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 112
13.1% of GDP (2017 est.)
17% of GDP (2016 est.)
13.9% of GDP (2015 est.)
country comparison to the world: 137
[see also: Gross national saving country ranks ]
household consumption: 84.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 15.9%
[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: 20.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -35.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 9.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 76.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
food and beverages, textiles, light assembly operations, tourism, construction
0.6% (2017 est.)
country comparison to the world: 178
[see also: Industrial production growth rate country ranks ]
59,900 (2013 est.)
country comparison to the world: 188
[see also: Labor force country ranks ]
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 ]
33.5% (2013)
25% (2008)
country comparison to the world: 206
[see also: Unemployment rate country ranks ]
38% (2008 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
revenues: $279.2 million
[see also: Budget - revenues country ranks ]
expenditures: $284.6 million (2017 est.)
[see also: Budget - expenditures country ranks ]
25.1% of GDP (2017 est.)
country comparison to the world: 113
[see also: Taxes and other revenues country ranks ]
-0.5% of GDP (2017 est.)
country comparison to the world: 49
[see also: Budget surplus (+) or deficit (-) country ranks ]
84.4% of GDP (2016 est.)
91.7% of GDP (2015 est.)
country comparison to the world: 32
[see also: Public debt country ranks ]
calendar year
2.6% (2017 est.)
1.7% (2016 est.)
country comparison to the world: 120
[see also: Inflation rate (consumer prices) country ranks ]
6.5% (31 December 2009)
6.5% (31 December 2008)
country comparison to the world: 58
[see also: Central bank discount rate country ranks ]
8.5% (31 December 2017 est.)
8.66% (31 December 2016 est.)
country comparison to the world: 99
[see also: Commercial bank prime lending rate country ranks ]
$223 million (31 December 2017 est.)
$214 million (31 December 2016 est.)
country comparison to the world: 183
[see also: Stock of narrow money country ranks ]
$807.8 million (31 December 2017 est.)
$796.7 million (31 December 2016 est.)
country comparison to the world: 175
[see also: Stock of broad money country ranks ]
$574.2 million (31 December 2017 est.)
$566.3 million (31 December 2016 est.)
country comparison to the world: 174
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$79 million (2017 est.)
-$34 million (2016 est.)
country comparison to the world: 76
[see also: Current account balance country ranks ]
$43.4 million (2017 est.)
$44.2 million (2016 est.)
country comparison to the world: 206
[see also: Exports country ranks ]
nutmeg, bananas, cocoa, fruit and vegetables, clothing, mace
US 28.4%, Japan 11%, Dominica 7.9%, St. Lucia 7.6%, Netherlands 5.2%, Barbados 4.9%, St. Kitts and Nevis 4.8% (2016)
$310.2 million (2017 est.)
$313.7 million (2016 est.)
country comparison to the world: 198
[see also: Imports country ranks ]
food, manufactured goods, machinery, chemicals, fuel
US 32.7%, Trinidad and Tobago 23.5%, China 6%, Japan 4.6% (2016)
$207.7 million (31 December 2016 est.)
$198 million (31 December 2015 est.)
country comparison to the world: 159
[see also: Reserves of foreign exchange and gold country ranks ]
$679 million (2013 est.)
$538 million (2010 est.)
country comparison to the world: 174
[see also: Debt - external country ranks ]
East Caribbean dollars (XCD) per US dollar -
2.7 (2017 est.)
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)