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Finance of Grenada

The minimum monthly wage in Grenada is dependent on each particular industry. Grenada has a government debt of 68.7% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Grenada is 2.4%. 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. Each year, consumers spend around $645 million. The ratio of consumer spending to GDP in Grenada is 77.62%, and the ratio of consumer spending to the world consumer market is 0.2%. 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%. In 2013, Grenada received 7.6 million USD in foreign aid.In 2014, the foreign aid amounted to 12.2 USD.

Gross Domestic Product

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Grenada is $1,326 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Grenada was last recorded at $12,239,360. PPP in Grenada is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe 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 $7,670. The average citizen in Grenada has average wealth. Countries with average wealth per capita can reasonably be expected to support a competent workforce with adequate wages. Employees in countries with average wealth are well-educated, but it can occasionally be difficult to find highly specialized in employees because of the lack of advanced degree programs. Labor is affordable in countries with average wealth when compared with countries that have high or very high wealth. 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.