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Grenada Economy

Grenada’s economy is based primarily on tourism. Like many other Caribbean nations, Grenada has shifted away from one crop economy based on agriculture and diversified, focusing more on a service oriented industry. The traditional tourism activities are an integral part of the sectors contribution, but more recently ecotourism activity is growing in significance.

As such tourism in Grenada is the leading foreign currency earner for the island. Grenada, known internationally as the ‘Spice Island’, is still the world’s second largest producer of nutmeg and mace. Grenada also exports bananas, cocoa, citrus fruits, cloves, and cinnamon. The main export territories are the US, UK and Caribbean region. Trade with Latin American countries has been steadily increasing in the last decade. Grenada’s successful cocoa industry has given way to the Caribbean’s first ever chocolate factory, producing a unique and high quality of chocolate products for export purposes.

The other local food production is primarily for domestic consumption. There is a large US owned medical school in Grenada which contributes to economy as well, with foreign students using the island’s local services, and the school employing many local residents.

There is a small scale manufacturing sector with emphasis on beverage production, cotton clothing, processed foods, and assembly plants of electronic components for export.

The economy of Grenada was seriously deflated following the wake of destruction brought about by Hurricane Ivan in 2004, which caused intense and long term damage to the country’s infrastructure.

Grenada is a member of the Eastern Caribbean Central Bank (ECCB), which regulates the fiscal policies in Grenada. The island shares a common currency with other member countries, the eastern Caribbean Dollar (XCD).

The cruise ship tourism industry is growing rapidly with the establishment of a large cruise ship pier with shopping boulevard which can hold as many as four cruise ships per day during the cruise ship season.

The world renowned Grand Anse Beach in St George is considered to be one of the finest beaches in the world and often appears in countdowns of the world’s top ten beaches.

Visitors to the island fly into the Maurice Bishop International Airport or by sea via ferry services between Grenada, Barbados, St. Vincent, St. Lucia, and Trinidad