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 nearly 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 2010-13 after a sizeable contraction in 2009, because of the global economic slowdown's effects on tourism and remittances.
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: Debt - external: Exchange rates:
$1.458 billion (2013 est.)
country comparison to the world: 198
$1.447 billion (2012 est.)
$1.458 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$811 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
0.8% (2013 est.)
country comparison to the world: 179
-0.8% (` est.)
1% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$13,800 (2013 est.)
country comparison to the world: 97
$13,700 (2012 est.)
$13,900 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
-3.6% of GDP (2013 est.)
country comparison to the world: 152
-7.2% of GDP (2012 est.)
-2.1% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
91.6%
government consumption:
15.8%
investment in fixed capital:
16.8%
investment in inventories:
0%
exports of goods and services:
21.9%
imports of goods and services:
-46.1%
(2013 est.)
agriculture:
5.6%
industry:
15.8%
services:
78.5% (2013 est.)
bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables
food and beverages, textiles, light assembly operations, tourism, construction
-2% (2013 est.)
country comparison to the world: 182
[see also: Industrial production growth rate country ranks ]
59,900 (2013 est.)
country comparison to the world: 187
[see also: Labor force country ranks ]
agriculture:
11%
industry:
20%
services:
69% (2008 est.)
33.5% (2013)
country comparison to the world: 186
25% (2008)
[see also: Unemployment rate country ranks ]
38% (2008)
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$163 million
expenditures:
$196.3 million (2012 est.)
20.1% of GDP (2012 est.)
country comparison to the world: 166
[see also: Taxes and other revenues country ranks ]
-4.1% of GDP (2012 est.)
country comparison to the world: 148
[see also: Budget surplus (+) or deficit (-) country ranks ]
110% of GDP (2012 est.)
country comparison to the world: 12
[see also: Public debt country ranks ]
calendar year
2.4% (2013 est.)
country comparison to the world: 87
2.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
6.5% (31 December 2009)
country comparison to the world: 47
6.5% (31 December 2008)
[see also: Central bank discount rate country ranks ]
9.4% (31 December 2013 est.)
country comparison to the world: 87
9.75% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$131.7 million (31 December 2013 est.)
country comparison to the world: 181
$123.3 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$697.4 million (31 December 2013 est.)
country comparison to the world: 174
$689.7 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$744.9 million (31 December 2013 est.)
country comparison to the world: 159
$729.5 million (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$214.4 million (2012 est.)
country comparison to the world: 88
-$204.5 million (2011 est.)
[see also: Current account balance country ranks ]
$40.5 million (2012 est.)
country comparison to the world: 200
$34.9 million (2011 est.)
[see also: Exports country ranks ]
nutmeg, bananas, cocoa, fruit and vegetables, clothing, mace
Nigeria 40.2%, St. Lucia 10.7%, Antigua and Barbuda 7.3%, US 6.6%, St. Kitts and Nevis 6.5%, Dominica 6.5%, Switzerland 4.3% (2012)
$297 million (2012 est.)
country comparison to the world: 201
$290.4 million (2011 est.)
[see also: Imports country ranks ]
food, manufactured goods, machinery, chemicals, fuel
Trinidad and Tobago 44.3%, US 16.4%, China 4.6% (2012)
$679 million (2013 est.)
country comparison to the world: 169
$538 million (2010 est.)
[see also: Debt - external country ranks ]
East Caribbean dollars (XCD) per US dollar -
2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)