Grenada: Economy#
Grenada relies on tourism as its main source of foreign exchange especially since the construction of an international airport in 1985. Strong performances 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 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.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.
Economic Facts#
| GDP (purchasing power parity) | $1.511 billion (2016 est.) $1.467 billion (2015 est.) $1.381 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $1.028 billion (2015 est.) |
| GDP - real growth rate | 3% (2016 est.) 6.2% (2015 est.) 7.3% (2014 est.) |
| GDP - per capita (PPP) | $14,100 (2016 est.) $13,700 (2015 est.) $13,000 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 0.4% of GDP (2016 est.) 2.1% of GDP (2015 est.) 1.8% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 80.3% government consumption: 15.1% investment in fixed capital: 17% investment in inventories: -0.1% exports of goods and services: 23.8% imports of goods and services: -36.1% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 9.6% industry: 13.8% services: 76.6% (2016 est.) |
| 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 | 2% (2016 est.) |
| Labor force | 59,900 (2013 est.) |
| Labor force - by occupation | agriculture: 11% industry: 20% services: 69% (2008 est.) |
| Unemployment rate | 33.5% (2013) 25% (2008) |
| Population below poverty line | 38% (2008 est.) |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $274.6 million expenditures: $308.9 million (2016 est.) |
| Taxes and other revenues | 26.7% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -3.3% of GDP (2016 est.) |
| Public debt | 110% of GDP (2012 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 0.5% (2016 est.) -1.4% (2015 est.) |
| Central bank discount rate | 6.5% (31 December 2009) 6.5% (31 December 2008) |
| Commercial bank prime lending rate | 9% (31 December 2016 est.) 8.96% (31 December 2015 est.) |
| Stock of narrow money | $209.4 million (31 December 2016 est.) $201.1 million (31 December 2015 est.) |
| Stock of broad money | $797 million (31 December 2016 est.) $786.1 million (31 December 2015 est.) |
| Stock of domestic credit | $575.4 million (31 December 2016 est.) $567.5 million (31 December 2015 est.) |
| Market value of publicly traded shares | $NA |
| Current account balance | -$130 million (2016 est.) -$157 million (2015 est.) |
| Exports | $44.2 million (2016 est.) $43.8 million (2015 est.) |
| Exports - commodities | nutmeg, bananas, cocoa, fruit and vegetables, clothing, mace |
| Exports - partners | Nigeria 44.7%, St. Lucia 10.8%, Antigua and Barbuda 7.3%, St. Kitts and Nevis 6.6%, Dominica 6.6%, US 5.8% (2015) |
| Imports | $313.7 million (2016 est.) $310.4 million (2015 est.) |
| Imports - commodities | food, manufactured goods, machinery, chemicals, fuel |
| Imports - partners | Trinidad and Tobago 49.6%, US 16.4% (2015) |
| Debt - external | $679 million (2013 est.) $538 million (2010 est.) |
| Exchange rates | East Caribbean dollars (XCD) per US dollar - 2.7 (2016 est.) 2.7 (2015 est.) 2.7 (2014 est.) 2.7 (2013 est.) 2.7 (2012 est.) |