Grenada is a small and beautiful Caribbean island nation, located just off the coast of Venezuela. With a population of around 110,000 people, it has a vibrant and diverse economy that relies heavily on tourism, agriculture and manufacturing.
Tourism is the main source of income for Grenada, with millions of visitors arriving each year. The country’s stunning beaches, lush rainforests, and rich cultural heritage attract tourists from all over the world. The government has invested heavily in infrastructure to ensure that tourists have an enjoyable experience while visiting Grenada.
Agriculture is another important sector in the economy of Grenada. The fertile volcanic soils produce a wide range of crops such as bananas, coconuts, citrus fruits, sugar cane and spices like nutmeg and mace. Agriculture accounts for around 10% of GDP and provides employment opportunities to many people in rural areas.
Manufacturing also plays an important role in Grenada’s economy. Major industries include food processing, furniture production and electronics manufacturing. The government has implemented various incentives to encourage foreign investment in this sector such as tax exemptions on imported equipment or reduced duties on exported goods.
According to cheeroutdoor, Grenada’s financial services sector has been growing steadily over recent years due to its favorable tax regime which includes no capital gains tax or inheritance taxes for offshore investors as well as no withholding taxes for dividends or interest payments made overseas. Banking services are also available from international institutions such as Citibank or Bank of America which have opened up branches in the country.
The government has implemented various policies aimed at improving economic growth such as reforming public finances through reducing public debt levels; investing heavily in infrastructure projects; encouraging foreign investment; promoting entrepreneurship initiatives; increasing access to finance for SMEs; providing incentives for green energy projects; improving access to education; developing sustainable tourism initiatives; and protecting human rights across all sectors of society including labor rights and gender equality measures which have been embraced by both local citizens and foreign investors alike.
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.
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 abbreviationfinder.org, 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.