grenada gdp tourism

Grenada, tourism

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• Velvet Nelson 3  

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Caribbean Tourism Organization 2013 Latest Statistics 2012 www.onecaribbean.org/content/files/13MARCH2013Lattab12.pdf (20 November).

Government of Grenada 2011 Plans to Appoint Tourism Ambassadors to Market Grenada www.gov.gd/egov/news/2011/nov11/30_11_11/item_1/plans_appoint_tourism_ambassador_market_grenada.html (20 November 2013).

Guerrón Montero, C. 2011 On Tourism and the Constructions of “Paradise Islands” in Central America and the Caribbean. Bulletin of Latin American Research 30(1):21-34.

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Nelson, V. 2005 Representation and Images of People, Place and Nature in Grenada’s Tourism. Geografiska Annaler 87B(2):131-143.

WTTC 2013 Travel and Tourism Economic Impact 2013: Grenada. London: World Travel and Tourism Council.

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Department of Geography and Geology, Sam Houston State University, 2148, Huntsville, 77341, USA

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School of Hospitality Leadership, University of Wisconsin-Stout, Menomonie, Wisconsin, USA

Jafar Jafari

School of Hotel and Tourism Management, The Hong Kong Polytechnic University, Hong Kong, Hong Kong SAR

Honggen Xiao

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Nelson, V. (2014). Grenada, tourism. In: Jafari, J., Xiao, H. (eds) Encyclopedia of Tourism. Springer, Cham. https://doi.org/10.1007/978-3-319-01669-6_558-1

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DOI : https://doi.org/10.1007/978-3-319-01669-6_558-1

Received : 30 July 2014

Accepted : 30 July 2014

Published : 17 September 2015

Publisher Name : Springer, Cham

Online ISBN : 978-3-319-01669-6

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DOI: https://doi.org/10.1007/978-3-319-01669-6_558-4

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DOI: https://doi.org/10.1007/978-3-319-01669-6_558-1

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Economic Growth In Grenada Set To Recover More Notably In 2023

Country Risk / Grenada / Wed 24 Aug, 2022

• We at Fitch Solutions forecast that real GDP growth in Grenada will slow from an estimated 5.6% in 2021 to 3.5% in 2022.
• Slowing economic activity will reflect the impacts of the war in Ukraine on commodity prices, which will partially offset the positive impacts of a recovery in tourism receipts.
• We then see real GDP growth accelerating to 5.5% in 2023, as inflationary headwinds begin to subside and the tourism sector recovers further.

We at Fitch Solutions forecast real GDP growth will slow to 3.5% in 2022 in Grenada ( see chart below ). Not only is this down from a 6.6% forecast for 2022 in our previous update, but it also represents a downturn from estimated growth of 5.6% in 2021 and comes in below the average growth of 3.9% registered from 2015 to 2019. Grenada's economy contracted by 13.8% in 2020 amid the main impacts of the Covid-19 pandemic, which decimated the country's all-important tourism sector (worth over 50.0% of GDP) as well as domestic consumer spending. A low statistical base and easing travel and domestic coronavirus restrictions supported economic activity in 2021. We had previously expected a sizeable government investment plan and assistance from multilateral lenders would drive robust growth in 2022. Although these factors remain in place, the Russian invasion of Ukraine in February has since posed significant headwinds to global growth, as well as to economic activity in Grenada.

Economic Activity To Slow In 2022

Grenada - real gdp growth, % y-o-y.

Elevated inflation will weigh on real household disposable incomes in Grenada in the coming months ( see chart below ), dragging on private consumption growth. We forecast that inflation will rise from an estimated average of 1.2% in 2021 to 6.0% in 2022, reflecting the impact of elevated global oil prices. Oil makes up over 95.0% of Grenada's energy mix. Our Oil & Gas team forecasts Brent averaging USD105.0/barrel (bbl) in 2022, up from USD71.0/bbl in 2021, significantly boosting the price of utilities, fuel, and consumer products in Grenada. The Food and Agriculture Organisation's World Food Price Index was up by 13.1% y-o-y in July, remaining near record highs, owing to supply-chain disruptions and wheat shortages resulting from the conflict. This will continue pushing up the price of food products, of which around 70.0% are imported from abroad in Grenada.

Elevated Global Oil Prices To Push Up Inflation

Grenada - consumer price inflation & global oil price.

We expect that the tourism sector will be a key driver of growth in 2022, but will remain far off a full recovery from the pandemic . Grenada removed most remaining restrictions on tourism arrivals in April 2022. Recovering confidence in global travel will underpin a 40.9% rise in arrivals in 2022 according to our forecasts, to 154,510. However, this will remain significantly down from pre-Covid-19 levels ( see chart below ). Furthermore, elevated inflation in key source markets the United States (7.7% in 2022, according to our forecasts), the UK (9.0%), and Canada (7.0%) - which together normally provide around 80.0% of Grenada's arrivals - will prevent a more notable recovery in the sector. Grenada is a high-end, expensive tourism destination, which will likely see tourists choosing cheaper alternatives in the months ahead. Tourism accounts for 80.0% of exports in Grenada, with below-trend arrivals and a higher energy import bill set to increase the negative contribution of net exports to growth. Over 25% of employment in Grenada comes from tourism, and we see high unemployment preventing a larger uptick in consumer spending.

Tourism Sector Has A Long Way To Go

Grenada - tourism arrivals & receipts.

However, a number of factors will prevent a larger slowdown in economic activity in 2022 . An absence of domestic Covid-19 restrictions should allow commercial activities to run largely as normal. The reopening of St George’s University (SGU) from H221 onwards will help strengthen service exports in the coming quarters. The university and related educational services account for approximately 18.0% of Grenadian GDP, and was closed to foreign students in 2020 due to the pandemic. Government spending should also prove supportive of growth in the near term. The government suspended the Fiscal Responsibility Law (FRL) for a third straight year in 2022, facilitating ongoing stimulus measures. We forecast that the budget deficit will widen from an estimated 5.1% of GDP in 2021 to 6.0% of GDP in 2022.

Fiscal Consolidation Has Reversed Since 2020

Grenada - government debt, % of gdp.

We then see real GDP growth accelerating to 5.5% in 2023 , as inflationary headwinds begin to subside and the tourism sector recovers further. We forecast that inflation will average 4.5% in 2023 as global commodity prices soften somewhat over the course of the year, relieving some pressure on real household disposable incomes. We forecast tourism arrivals to accelerate by a further 23.2% in 2023 to 190,300, boosting service exports as well as employment in the sector. The construction sector should also prove supportive of growth, underpinned by government support and assistance from multilateral lenders. Grenada received USD25.0mn from the World Bank in May 2022 as part of its First Recovery And Resilience Programmatic Development Policy, to enhance its resilience to climate change. This followed on from a USD15.0mn worth of World Bank funding earlier in the year, to make Grenada's transport infrastructure more resilient to climate change and coastal erosion. Drawing down these funds is likely to boost fixed investment growth to 2026.

This commentary is published by BMI, a Fitch Solutions company, and is not a comment on Fitch Ratings Credit Ratings. Any comments or data included in the report are solely derived from BMI and independent sources. Fitch Ratings analysts do not share data or information with BMI. Copyright © 2023 Fitch Solutions Group Limited. All rights reserved. 30 North Colonnade, London E14 5GN, UK.

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Tourism Industry is Main Pillar of Economic Activity in Grenada

Minister of tourism for grenada looking to embrace tourism across sectors.

Grenada’s newly elected government, the minister noted, has a long-term vision of having “a well-educated, empowered population, and an educational system that allows for our people to develop and enhance whatever natural talent and ability they have, which they can use to earn a decent living.” With that in mind, he sees tourism as one of the sectors that can assist in that goal, in that vision.

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Grenada: 2022 article iv consultation-press release; staff report; and statement by the executive director for grenada.

Publication Date:

May 10, 2022

Electronic Access:

Free Download . Use the free Adobe Acrobat Reader to view this PDF file

Grenada’s economy was hit hard by the pandemic, with a decline in real output of 14 percent in 2020 from both a collapse of tourism-related activities and the suspension of in-person classes at Saint George’s University (SGU). Growth in 2021 is estimated to have partly recovered to 5.6 percent, driven by construction and agriculture. The authorities’ policy response helped mitigate the pandemic’s impact through containment measures, increased health and social spending, and an expanded public investment program (including to build resilience to natural disasters). Central government debt rose to 70 percent of GDP in 2021 (from 59 percent in 2019) and the external position has worsened. The financial sector has so far weathered the crisis well.

Country Report No. 2022/134

COVID-19 Credit bureaus Economic and financial statistics External debt External sector statistics Financial markets Health International organization Monetary policy Public debt

9798400209857/1934-7685

1GRDEA2022002

Please address any questions about this title to [email protected]

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Grenada Tourism Authority

About the grenada tourism authority.

The Grenada Tourism Authority (GTA) is the National Tourism Organization of Grenada, responsible for the development of the tourism sector of Grenada, Carriacou, and Petite Martinique through destination management and marketing. This statutory corporation of the Government of Grenada was established under the Grenada Tourism Authority Act, 2013. Day to day operations include product development, quality standardization and certification, research, planning, and marketing.

To be the authentic Caribbean tourism destination.

To transform the state of Grenada through an inclusive, sustainable tourism industry that delivers memorable experiences.

The brand Pure Grenada, the Spice of the Caribbean, launched on February 14, 2014, encapsulates the tri-island nation’s unique selling points while maintaining its strong spice culture.  The brand positions the tri-island destination as pure, authentic and a haven for the discerning travel explorer while noting the region in which Grenada is located. The GTA strives to live the brand and encourage stakeholders to become more sustainable in their approach to doing business. Since then, a number of stakeholders have adopted sustainable practices such as energy saving bulbs and air conditioning units, installing solar water heaters, rain water harvesting in laundry and environmentally friendly cleaning chemicals. Pure Grenada, the Spice of the Caribbean highlights five niche markets:

• Soft Adventure
• Sailing/Yachting

GTA Core Values

P – Positivity: take control and look for the positive in everything

R – Respect: treat others as you expect to be treated

O – Openness/Honesty: be open & honest in your interactions and communication with others

C – Commitment: be dedicated to the mission of the Grenada Tourism Authority.

E – Excellence: set goals, always strive for excellence and take pride in everything you do.

ECONOMIC CONTRIBUTION OF TOURISM

Tourism is the largest foreign exchange earner for Grenada, Carriacou and Petite Martinique, contributing over 300M Eastern Caribbean dollars (112M USD) into the economy per annum. The GTA collaborates with stakeholders home and abroad to enhance, market, and promote the tourism product for Grenada’s social, cultural, and economic well-being.

PARTNERSHIPS

The GTA supports many public private partnerships in the different sectors of tourism to promote development and sustainability. Partners include the Ministry of Tourism and Civil Aviation, Grenada Hotel and Tourism Association, Marine and Yachting Association of Grenada, Grenada Water Taxi Association, National Taxi Association, Grenada Ports Authority, George F. Huggins, Grenada Investment Development Corporation among others.

CORPORATE IDENTITY

The Grenada Tourism Authority is a professional organization fuelled by passion for the development of the tourism sector of Grenada. The committed team is accountable to the people of Grenada to deliver innovative strategies of destination management and destination marketing that would best leverage the tri-island state as the preferred tourism destination. Naturally, being in the tourism and hospitality sector, customer service excellence and quality service are paramount to the way the GTA offers its products and services. Vacation advice and complimentary brochures are provided for walk-in visitors. The GTA understands the importance of holiday planning in a technological world and provides an in depth travelling guide to the islands of Grenada on its destination website. Visitor statistics are available for students and others seeking knowledge on tourism trends; while product guidance and reviews are given to entrepreneurs and tourism enterprises. The stakeholders of the GTA who own consumer enterprises can benefit from the marketing and promotions online and at points of entry nationwide.

STRUCTURE/DEPARTMENTS OF THE GTA

Board of directors, mr. randall dolland, dr. george vincent.

Deputy Chairman

Mr. Orlando Romain

Mr. isaac bhagwan.

Permanent Secretary w.r.f Economic Development, Planning, Tourism and Creative Economy

Mr. Craig Keller

Grenada Chamber of Commerce

Ms. Jacqueline Alexis

Dr. charles modica.

St. George’s University

Ms. Allison Caton

Representative, Carriacou and Petite Martinique

Ms. Janelle Hopkin

Hotel Sector

Mr. Marlon Glean

Sport and Legal

Mr. Cosmos Williams

National Taxi Association

GTA STAFF MEMBERS

Chief Executive Officer 

Ms. Petra Roach

Email: [email protected]

Chief Operation Officer 

Mrs. Kirl Hoschtialek

Email: [email protected]

The Product Development and Research department provides technical and other developmental support to new, potential and existing entrants to the tourism industry, in close collaboration with the Grenada Investment Development Corporation, Physical Planning Unit, Ministry of Tourism and Civil Aviation and other entities.  It also supports festivals/events through sponsorship and technical advice. Each festival must meet a number of criteria to be eligible for support.  Additionally, the department manages the operations of the Grand Anse Spice and Craft Vendors Market and oversees beach cleaners. As it relates to research, the department collects and interprets data from a variety of sources including local surveys on visitor travel to Grenada, Carriacou and Petite Martinique. The statistics produced are used to inform marketing and other initiatives.

Marketing & Sales Manager (Ag)

Mrs- Nikoyan Roberts

Email: [email protected]

The Marketing & Sales department is responsible for developing and implementing marketing programs, which include the destination’s unique selling points, niche markets and sports tourism. The team also attends trade/consumer shows and conferences to help promote Grenada’s product and brand.

Nautical Development Manager

Mrs Nikoyan Roberts

Email:  [email protected]

The Nautical Development department collaborates with all stakeholders to innovate and support growth in cruise, dive, sports fishing & yachting events/businesses and market them globally. Strategic project planning & implementation is completed with support from Product Development, Marketing, Quality Assurance and Administration departments.

Communications Manager 

The Communications department is responsible for disseminating information about the activities of the Grenada Tourism Authority locally, regionally and internationally.  This department is primarily responsible for all GTA digital marketing initiatives using a variety of platforms including social media.

Quality Assurance Manager  

Mr Keron Moore

Email: [email protected]

The Quality Assurance Department of the Grenada Tourism Authority is responsible for the regulatory compliance of all tourism related enterprises as stipulated in the Grenada Tourism Authority Act, 2013.  The department’s mandate is to “Build Quality”- which involves the expansion of existing quality assurance programmes to all tourism sectors, plus institutionalizing those quality standards through legislation and regulation.

Building Quality involves:

• Expanding Industry-wide Standards – the expansion of the existing quality assurance programmes to include other tourism sectors.
• Legislation & Regulations – identifying and addressing gaps in existing tourism related legislation and regulations.
• Evaluation & Monitoring – monitoring and evaluating the effectiveness and adherence to the quality assurance programmes.
• Enforcements – collaborating with the relevant agencies to ensure that legislation and regulations are enforced.

Upcoming Events

Human resources manager   .

Ms. Vanessa Bromfield

Email: [email protected]

The Human Resources department is responsible for building the capacity of the human resource within the GTA in order to maximize this resource to its fullest potential, to ensure that the organisation can fulfill its current and future objectives.

Accounts Manager

Mrs. Tonya Peters

Email:  [email protected]

The Accounts department controls revenue and expenditure within the Grenada Tourism Authority to meet the targets set out in the strategic plan.

OVERSEAS OFFICES

Mr. Sekou Stroude | Director of Sales, Canada

90 Eglinton Ave. East, Suite #605

Toronto, Ontario

Canada | M4P 2Y3

Cell: 1-647 979 7873

E-mail: [email protected]  

UNITED KINGDOM

Mr. Emil Edwards | UK Sales Manager

The Chapel, Archel Rd,

London W14 9QH

United Kingdom

Phone:  +44 (0) 7444 336 763

Email: [email protected]

UNITED STATES OF AMERICA

Mrs. Christine Noel-Horsford | Director of Sales, USA

685 Third Avenue | Suite 1101

New York, NY 10017

USA                                          

C ell: 917 929 7892 

E-mail: [email protected]

Ms. Shanai St. Bernard | USA Sales Manager   

Phone:  551-344-6876                                               

E-mail: [email protected]  

Compendium will be displayed along with monthly stats reports

The Grenada Tourism Authority is a friendly, yet professional organization fuelled by passion for the development of the tourism sector of Grenada. The committed team is accountable to the people of Grenada to deliver innovative strategies of destination marketing and management that would best leverage the tri-island state as the preferred tourism destination. Stakeholder partnerships are deeply valued and respected, as these assist in enhancing the business of the GTA. The following are careers within the GTA:

Chief Executive Officer Executive Assistant Chief Operating Officer                  Marketing & Sales Manager          Overseas Sales Managers              Marketing Executive                    Destination Experience Officers

Product Development Manager Product Development Officers Nautical Development Manager Administrative Assistants Communications Manager Digital Officer                    

Digital Content Officer

Quality Assurance Manager Quality Assurance Officers Accounts Manager Accounting Officers Research Officers

Human Resources Manager Receptionists Office Attendants Beach Maintenance Officers Cruise Customer Service Reps

• Caribbean journal Caribbean Travel Awards – Yachting Destination of the Year 2023
• Scuba Diver Magazine – Shipwreck  capital of the Caribbean
• Caribbean Hotel and Tourism Association – Destination Resilience Award 2022
• USA Today 10 Best – 2023 Best Caribbean Attraction, Belmont Estate ( full list here )

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Embassy of Grenada

Filter results:, grenada’s economy.

Grenada has a largely tourism-based, small, open economy. Over the past two decades, the economy has shifted from one of agriculture-dominant into that of services-dominant, with tourism serving as the leading foreign currency earning sector. The country’s principal export crops are the spices nutmeg and mace (Grenada is the world’s second largest producer of nutmeg after Indonesia). Other crops for export include cocoa, citrus fruits, bananas, cloves, and cinnamon. Manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export.

Hurricanes Ivan (2004) and Emily (2005) severely damaged the nutmeg industry, which was previously a key driver of economic growth, and the industry is not expected to recover in the near-term. The agricultural sector, particularly nutmeg and cocoa cultivation, has gradually recovered from the hurricanes, and the tourism sector has seen substantial increases in foreign direct investment as the regional share of the tourism market increases. Strong performances in construction and manufacturing, together with the development of an offshore financial industry, have also contributed to growth in national output; however, economic growth will likely slow in 2009 because of the global economic slowdown’s effects on tourism and remittances. Grenada has rebounded from the devastating effects of Hurricanes Ivan and Emily, but is now saddled with the debt burden from the rebuilding process. Public debt-to-GDP is nearly 110%, leaving the THOMAS administration limited room to engage in public investments and social spending.

GDP (purchasing power parity): $1.211 billion (2008 est.) $1.168 billion (2007) $1.12 billion (2006) Note: data are in 2008 US dollars

GDP (official exchange rate): $657 million (2008 est.)

GDP – real growth rate: 3.7% (2008 est.) 4.3% (2007 est.) -1.1% (2006 est.)

GDP – per capita: $13,400 (2008 est.) $13,000 (2007 est.) $12,500 (2006 est.) Note: data are in 2008 US dollars

G DP – composition by sector: Agriculture: 5.4% Industry: 18% Services: 76.6% (2003)

Labor force: 42,300 (1996)

Labor force – by occupation: Agriculture: 24% Industry: 14% Services: 62% (1999 est.)

Unemployment rate: 12.5% (2000)

Household income or consumption by percentage share: Lowest 10%: NA% Highest 10%: NA%

Budget: Revenues: $85.8 million Expenditures: $102.1 million (1997)

Inflation rate (consumer prices): 3.7% (2007 est.)

Central bank discount rate: 6.5% (31 December 2007)

Commercial bank prime lending rate: 9.76% (31 December 2007)

Stock of money: $151.2 million (31 December 2007)

Stock of quasi money: $533.4 million (31 December 2007)

Stock of domestic credit: $575.8 million (31 December 2007)

Market value of publicly traded shares: $N/A

Agriculture – products: Bananas, cocoa, nutmeg, mace, citrus, avocados, root crops, sugarcane, corn, vegetables

Industries: Food and beverages, textiles, light assembly operations, tourism, construction

Electricity – production: 167.2 million kWh (2006 est.)

Electricity – consumption: 144.2 million kWh (2006 est.)

Electricity – exports: 0 kWh (2007 est.)

Electricity – imports: 0 kWh (2007 est.)

Oil – production: 0 bbl/day (2007 est.)

Oil – consumption: 2,043 bbl/day (2006 est.)

Oil – exports: 0 bbl/day (2005)

Oil – imports: 1,844 bbl/day (2005)

Oil – proved reserves: 0 bbl (1 January 2006 est.)

Natural gas – production: 0 cu m (2007 est.)

Natural gas – consumption: 0 cu m (2007 est.)

Natural gas – exports: 0 cu m (2007 est.)

Natural gas – imports: 0 cu m (2007 est.)

Natural gas – proved reserves: 0 cu m (1 January 2006 est.)

Current account balance: -$138 million (2007 est.)

Exports: $38 million (2006)

Exports – commodities: Bananas, cocoa, nutmeg, fruit and vegetables, clothing, mace

Exports – partners: Jamaica 92.8%, Saint Lucia 1.3%, US 1.2% (2007)

Imports: $343 million f.o.b. (2006)

Imports – commodities: Food, manufactured goods, machinery, chemicals, fuel

Imports – partners: Trinidad and Tobago 36.5%, US 23.3%, Italy 4.1% (2007)

Debt – external: $347 million (2004)

Exchange rates: East Caribbean dollars (XCD) per US dollar – 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)

Grenada GDP

The gross domestic product (gdp) in grenada was worth 1.22 billion us dollars in 2022, according to official data from the world bank. the gdp value of grenada represents 0 percent of the world economy. source: world bank, gdp in grenada averaged 0.55 usd billion from 1977 until 2022, reaching an all time high of 1.22 usd billion in 2022 and a record low of 0.07 usd billion in 1977. this page provides - grenada gdp - actual values, historical data, forecast, chart, statistics, economic calendar and news. grenada gdp - values, historical data and charts - was last updated on april of 2024., gdp in grenada is expected to reach 1.31 usd billion by the end of 2024, according to trading economics global macro models and analysts expectations.,   gdp,   money,   government,   taxes,   health,   climate.