Economy
Grenada
Budget
revenues
$288.404 million (2017 est.)
expenditures
$222.475 million (2017 est.)
Exports
Exports 2022
$706.195 million (2022 est.)
Exports 2023
$828.529 million (2023 est.)
Exports 2024
$858.949 million (2024 est.)
Imports
Imports 2022
$785.022 million (2022 est.)
Imports 2023
$924.688 million (2023 est.)
Imports 2024
$990.587 million (2024 est.)
Industries
beverages and food, textiles, light manufacturing, tourism, construction, education, call center services
Public debt
Public debt 2016
82% of GDP (2016 est.)
Remittances
Remittances 2022
5.1% of GDP (2022 est.)
Remittances 2023
5.3% of GDP (2023 est.)
Remittances 2024
5% of GDP (2024 est.)
Exchange rates
Currency
East Caribbean dollars (XCD) per US dollar -
Exchange rates 2020
2.7 (2020 est.)
Exchange rates 2021
2.7 (2021 est.)
Exchange rates 2022
2.7 (2022 est.)
Exchange rates 2023
2.7 (2023 est.)
Exchange rates 2024
2.7 (2024 est.)
Debt - external
Debt - external 2023
$501.371 million (2023 est.)
Economic overview
a small service-oriented economy within the OECS; prominent sectors include tourism, construction, transportation, and education; significant exporter of spices; although public debt is decreasing, it remains high; susceptible to hurricanes; incentives for a developing blue economy
Exports - partners
USA 24%, Antigua & Barbuda 13%, St. Vincent & the Grenadines 8%, Dominica 6%, Trinidad & Tobago 5% (2023)
Imports - partners
USA 37%, Trinidad & Tobago 13%, Cayman Islands 10%, China 4%, UK 3% (2023)
Real GDP per capita
Real GDP per capita 2022
$16,400 (2022 est.)
Real GDP per capita 2023
$17,100 (2023 est.)
Real GDP per capita 2024
$17,700 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
7.3% (2022 est.)
Real GDP growth rate 2023
4.7% (2023 est.)
Real GDP growth rate 2024
3.7% (2024 est.)
Agricultural products
sugarcane, coconuts, eggs, vegetables, fruits, bananas, plantains, grapefruits, avocados, mangoes/guavas (2023)
Exports - commodities
nutmeg/cardamoms, fish, wheat flour, frozen fruits and nuts, aqueous paints (2023)
Imports - commodities
refined petroleum, automobiles, poultry, ships, plastic goods (2023)
Current account balance
Current account balance 2022
-$148.445 million (2022 est.)
Current account balance 2023
-$243.473 million (2023 est.)
Current account balance 2024
-$270.771 million (2024 est.)
GDP (official exchange rate)
$1.391 billion (2024 est.)
Population below poverty line
25% (2018 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
2.6% (2022 est.)
Inflation rate (consumer prices) 2023
2.7% (2023 est.)
Inflation rate (consumer prices) 2024
1.1% (2024 est.)
Industrial production growth rate
2.9% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$1.916 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$2.005 billion (2023 est.)
Real GDP (purchasing power parity) 2024
$2.08 billion (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022
$371.767 million (2022 est.)
Reserves of foreign exchange and gold 2023
$404.13 million (2023 est.)
Reserves of foreign exchange and gold 2024
$423.263 million (2024 est.)
GDP - composition, by sector of origin
industry
14.8% (2024 est.)
services
65.2% (2024 est.)
agriculture
2.7% (2024 est.)
Household income or consumption by percentage share
lowest 10%
2.1% (2018 est.)
highest 10%
33.7% (2018 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2018
43.8 (2018 est.)