Countries
Grenada
Key Economic Indicators
$2.36 billion
$20,178
3.96%
1.09%
$1.391 billion (2024 est.)
82% of GDP (2016 est.)
$-270,770,770
Economic Overview
small OECS service-based economy; large tourism, construction, transportation, and education sectors; major spice exporter; shrinking but still high public debt; vulnerable to hurricanes; emerging blue economy incentives
All Economic Data
Agricultural products
sugarcane, coconuts, eggs, vegetables, fruits, bananas, plantains, grapefruits, avocados, mangoes/guavas (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$222.475 million (2017 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$288.404 million (2017 est.)
Currency
code:
XCD
name:
Eastern Caribbean dollar (XCD) [$]
Current account balance
$-270,770,770
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.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$863.28 million
Debt - external 2023:
$501.371 million (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
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.)
Exports
Exports 2022:
$706.195 million (2022 est.)
Exports 2023:
$828.529 million (2023 est.)
Exports 2024:
$858.949 million (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
nutmeg/cardamons, fish, wheat flours, frozen fruits and nuts, aqueous paints (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 24%, Antigua & Barbuda 13%, St. Vincent & the Grenadines 8%, Dominica 6%, Trinidad & Tobago 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$163.93 million
GDP - composition, by sector of origin
Agriculture:
2.7% (2024 est.)
Industry:
14.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
65.2% (2024 est.)
GDP (official exchange rate)
$1.391 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$11,705
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2018:
43.8 (2018 est.)
Note:
<strong>note:</strong> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$1.24 billion
GNI per capita
$10,510
Household income or consumption by percentage share
Highest 10%:
33.7% (2018 est.)
Lowest 10%:
2.1% (2018 est.)
Note:
<strong>note:</strong> % share of income accruing to lowest and highest 10% of population
Imports
Imports 2022:
$785.022 million (2022 est.)
Imports 2023:
$924.688 million (2023 est.)
Imports 2024:
$990.587 million (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, cars, poultry, ships, plastic products (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
USA 37%, Trinidad & Tobago 13%, Cayman Islands 10%, China 4%, UK 3% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2.9% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
food and beverages, textiles, light assembly operations, tourism, construction, education, call-center operations
Inflation rate (consumer prices)
1.09%
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.)
Note:
<b>note:</b> annual % change based on consumer prices
Population below poverty line
25% (2018 est.)
note:
<strong>note:</strong> % of population with income below national poverty line
Public debt
Public debt 2016:
82% of GDP (2016 est.)
Real GDP (purchasing power parity)
$2.36 billion
Note:
<b>note:</b> data in 2021 dollars
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.)
Real GDP growth rate
3.96%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
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.)
Real GDP per capita
$20,178
Note:
<b>note:</b> data in 2021 dollars
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.)
Remittances
$48.04 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
5.1% of GDP (2022 est.)
Remittances 2023:
5.3% of GDP (2023 est.)
Remittances 2024:
5% of GDP (2024 est.)
Reserves of foreign exchange and gold
$423.26 million
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
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.)
Economic Rankings
Gini Index
#40
GDP Growth Rate
#42
GDP per Capita
#92
External Debt
#112
Reserves
#162
Exports
#173
Imports
#175
GDP (PPP)
#181
GDP (Nominal)
#181
Inflation Rate
#187
Quick Facts
Industries
food and beverages, textiles, light assembly operations, tourism, construction, education, call-center operations
Agricultural products
sugarcane, coconuts, eggs, vegetables, fruits, bananas, plantains, grapefruits, avocados, mangoes/guavas (2023)
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)
Exchange rates
East Caribbean dollars (XCD) per US dollar -
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