Includes historical data for Grenada’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Nutmeg And Spice Exports Drive Economic Growth
Known as Spice Island, this tiny Caribbean nation ranks as the world’s second-largest producer of nutmeg after Indonesia and is a significant exporter of other spices, including cinnamon, ginger and cloves. Its lush natural landscape, characterized by green valleys, rainforests and mountain lakes, coupled with its tropical climate and stunning beaches, makes Grenada a popular tourist destination. Furthermore, Grenada boasts a robust legal framework, low crime rates and historically proactive governments committed to fostering education, improving infrastructure and safeguarding the environment. An appealing destination for potential foreign investors, Grenada offers various tax incentives and streamlined bureaucratic processes.
However, the nation also grapples with several challenges. Among these, the heavy reliance on tourism, which makes it vulnerable to global shocks and economic downturns. High public debt, skill gaps in the workforce and limited access to finance represent additional obstacles.
Macroeconomy & Sovereign Data
| Type of Government | Parliamentary democracy under a constitutional monarchy; a Commonwealth republic |
|---|---|
| Capital | Saint George’s |
| Sovereign Ratings |
S&P: B– Moody’s: Caa3 Fitch: CC |
| Total Population | 115,000 |
| Median Age | 32.0 |
| Adult Per Capita Income (PPP) | 19,143.86 |
| Total GDP (2023) | 1.4 billion |
Grenada GDP & Economic Overview
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Grenada
Banking & Finance
Trade & Investment
| Total Exports | USD 447.5 million (2023) |
|---|---|
| Leading Exports |
Nutmeg Tuna Cocoa Beans Fruits Nuts Toilet Paper |
| Total Imports | USD 73.9 million (2022) |
| Leading Imports |
Refined Petroleum Poultry Cars Food Preparation Materials Delivery Trucks |
| Source: | World Integrated Trade Solution |
Grenada Leading Companies
| Grenada National Bank (GNB) | Financials |
|---|---|
| Grenada Electricity | Utilities |
| Grenada Breweries Limited | Brewers & Beverage Bottlers |
Major Trade Partners — Import
| United States | 39% |
|---|---|
| Trindad | 17% |
| Cayman Islands | 9% |
| United Kingdom | 4% |
| China | 3% |
Major Trade Partners — Export
| United States | 17% |
|---|---|
| St. Vincent and Grenadines | 5% |
| Trinidad and Tobago | 4% |
| St. Lucia | 2% |
| Panama | 2% |
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000