Economic Profile

Grenada’s economy is relatively diversified, with several sectors making tangible contributions to GDP annually. In the past, agriculture was the most dominant sector and the main foreign exchange earner for the country. Today, however, the economy has shifted to being more service-based, with tourism, construction, transport, and private education being the leading contributors to GDP.

The country’s principal export crops are spices – nutmeg, and mace – from which it gets its reputation as “the spice island.” Other crops for export include cocoa, soursop, citrus fruits, cloves, and cinnamon. Grenada also exports large amounts of fish, specifically, yellow-fin tuna, to the United States and Europe.

Manufacturing industries in Grenada operate mostly on a small scale, including the production of beverages, flour and other foodstuffs, textiles, and animal feed. Notwithstanding the relatively small scale of manufacturing, Grenada is becoming known for its organic chocolate, which is growing in popularity worldwide.

Key Economic Indicators

1.211

GDP (in current prices)
(US$ MM)

100

Current Account Balance
(US$ MM)

300

Imports (CIF)
(US$ MM)

10.8

GDP Per Capita
(US$ MM)

20

Consumer Price Index
(Avg. rate)

100k

Balance of Trade
(US$)

3.37%

GDP Growth Rate %
(2019)

30

Export (FOB)
(US$ MM)

$2.72

Average Exchange Rate
from XCD to $1 USD
Movement of Goods

Grenada’s main trade partners are the United States, Germany, the United Kingdom, the Netherlands, Barbados, China, and Saint Vincent, and the Grenadines. Customs duties are not very high, trade barriers are limited, and imports destined for government institutions are free of customs duty. The country’s trade policy aims at moving away from an agricultural economy to a service-based economy, with the government pledging to reduce manufacturing costs of goods in a bit to become more competitive.

Exports

Grenada’s main export products are Coca, Nutmeg, Mace, Fish, Fresh Fruits and Vegetables, Wheat Bran, Flour, Animal Feed, Malt and Beverages, Clothing, Paints and Varnish and Paper Products

Imports

The primary imports to the island are Fuel, Crude Material, Chemicals, Machinery, Food and Live Animals, Manufactured Goods, Equipment and Transport.

Trading Partners

Grenada exports and imports products between several countries throughout the OECS, CARICOM, Caribbean, Americas, and the European Community.

Countries & RegionsImportsExports
OECSSt. Vincent, Dominica, St. Lucia
CARICOMJamaica, Guyana, Barbados, Bahamas, Trinidad and TobagoTrinidad & Tobago, St. Lucia
CaribbeanDominican Republic, Curaco
AmericasUSAUSA, Argentina
European CommunityUnited Kingdom, Germany, Denmark, France, Ireland, Netherlands, ItalyUnited Kingdom, Germany, France, Netherlands, Italy
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