Economy of Grenada

Grenada has a small, open, tourism-led economy. Over recent decades it has moved away from farming towards services, with visitors now the main source of foreign earnings. Spices remain its best-known export, and the country is one of the biggest nutmeg producers in the world.

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Key figures

Currency: East Caribbean dollar (XCD)
Trade organisations: CARICOM
Economic centre: St. George's
GDP (nominal, 2018): About $1.18 billion
GDP (PPP, 2018): About $1.73 billion
GDP per capita: About $10,939 (nominal, 2018 est.)

Main sectors

TourismThe leading earner of foreign currency, driven by beaches, sailing and cruise visitors.
AgricultureNutmeg and mace are the flagship crops, joined by cocoa, citrus, bananas, cloves and cinnamon.
ManufacturingMostly small scale: beverages, other food products, textiles and electronic components for export.

Growth and challenges

Growth picked up in the late 1990s, but has been uneven since 2001. Hurricanes and other shocks hit hard, most notably Hurricane Ivan in September 2004, and public debt climbed to around 110% of GDP by 2003 before fiscal consolidation brought it down.

Source: Economy of Grenada, Wikipedia