Grenada Economics and Business


Agriculture, which is the traditional main industry, employs about 20 percent of the working population. Most units are very small and mainly focus on self-sufficiency; a few plantations produce bananas, cocoa and nutmeg for export. The industry was hit hard by Hurricane Ivan’s devastation on the island in 2004. Although tourism revenues correspond to 30 percent of national income, the tourism industry is less significant than in neighboring countries.

Grenada GDP (Nominal, $USD) 2003-2017

In addition to some processing of agricultural products and the textile industry, there is very little industry. Grenada does not have any known mineral resources.

Unemployment is constantly high and the nation’s economy is heavily dependent on foreign aid. Since 1979, the government, with foreign aid, first from the Soviet Union and Cuba and more recently from Japan, has been trying to develop the fishing industry.

  • COUNTRYAAH: Find major trading partners of Grenada, including major exports and major imports with latest trade value and market share as well as growth rate.

Grenada has a large trade deficit; the export value usually amounts to only 35 percent of the import value. The only important export goods are agricultural products such as nutmeg, bananas and cocoa. Grenada’s main trading partners are the United States, Nigeria and Trinidad and Tobago.

Tourism and gastronomy

Abbreviated as GRD by, Grenada’s attractiveness to tourists depends, among other things, on a pleasant climate, fine sandy beaches and a beautiful nature with easily accessible rainforests. Tourist income is an important source of foreign currency; In 2010, tourism accounted for just over 50 percent of export earnings. The country is visited annually by 100,000 to 200,000 tourists. In 2012, the number of visitors was 116,000. Two thirds of the visitors are cruise passengers. These, which usually only make a short visit to the capital of Saint George’s, account for less than a tenth of the country’s tourist income. Most of the other visitors come from the US and Europe (mainly the UK). Almost 20 percent come from the Caribbean countries, and about as many are emigrated grenadiers who visit their home country.

Note: the capital city of Grenada is St George’s with a population of 38,000 (2014). Other major cities include Gouyave, Hillsborough.

The African element of food attitude is dominant. Spicy pots with mainly vegetables and fish are home cooking, callaloo is the most famous, usually cooked by crab meat, okra and taoblad. Bread fruit soup is also common. Fully fried pork is a party food. Crabs, wings and crawfish, mackerel, flyfish and grouper; the supply from the sea is large and constitutes an important source of protein. The desserts, usually of fruit – salads, puddings, pies, compotes – all carry an unmistakable aroma of rum.

Grenada Economics and Business

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