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Economy of Grenada

Grenada is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Grenada may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Grenada exports around $0.04 billion and imports roughly $0.3 billion. 24% of population in the country are unemployed. The total number of unemployed people in Grenada is 26,001. In Grenada, 38% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Grenada is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.6% of GDP. The Gini Index of the country is 37. Grenada is experiencing good equality. The majority of citizens in Grenada fall within a narrow range of income, although some cases may show significant differences. Grenada has a Human Development Index (HDI) of 0.744. Grenada has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Grenada is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.


The currency of Grenada is eastern caribbean dollar. The plural form of the word eastern caribbean dollar is dollars. The symbol used for this currency is $, and it is abbreviated as XCD. The eastern caribbean dollar is divided into Cent; there are 100 in one eastern caribbean dollar.

Credit rating

The depth of credit information index for Grenada is 0, which means that information, if any, is scarce, of insufficient details and almost inaccessible. According to the S&P credit-rating agency, Grenada has a credit rating score of SD, and the prospects of this rating are negative.

Central bank

In Grenada, the institution that manages the state's currency, money supply, and interest rates is called Eastern Caribbean Central Bank. The average deposit interest rate offered by local banks in Grenada is 2.4%.

Public debt

Grenada has a government debt of 68.7% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Grenada is set at 30%. Personal income tax ranges from 0% to 30%, depending on your specific situation and income level. VAT in Grenada is 15%.


The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Grenada is $1326 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Grenada was last recorded at $12 million. PPP in Grenada is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Grenada is 1 billion. Based on this statistic, Grenada is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Grenada was last recorded at $0 million. The average citizen in Grenada has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Grenada averaged 1.1% in 2014. According to this percentage, Grenada is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Grenada.


Major industries in the country are food and beverages, textiles, light assembly operations, tourism, construction. The total labor force of Grenada is 83,796 people, wherein 24% of population in the country are unemployed. The total number of unemployed people in Grenada is 26,001. The Industrial Production growth rate of Grenada is -2%.To read more about industrial information within Grenada click on industry of Grenada.


There are 20 km2 of arable land in Grenada, and it comprises 6% of the country's total territory. There are 121 km2 of cultivated land in Grenada. The country's major agricultural crops and products are bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables.To read more about agriculture click on agriculture of Grenada.