Grenada is the fastest growing economy in the Caribbean and its economy grew by 5.2% in 2018 driven by increased economic activity in the construction, tourism, private education and manufacturing sectors, according to Caribbean Development Bank 2019 report on Grenada
- Grenada continued to be the fastest growing economy in the Region in 2018
- Primary surplus increased to 6.2% of GDP.
- Public debt as a percentage of GDP declined to 62.7%.
- Private education, which constituted the largest share of GDP (19.8%) in 2018
- Economic activity in the construction sector in 2018 was 14.9% higher than the previous year. Growth was driven by the ongoing implementation of some key projects including the St. George’s University Expansion Project, Silver Sands Resort (Phase One) and the Parliament Building (Phase One).
- The financial system was stable, sound, and well in 2018.
- Tourism sector expanded, during first nine months of 2018, stay-over arrivals rose 10.3% over the same period in 2017. Cruise ship passenger arrivals were an estimated 27.2% higher than the same period in 2017. These developments enabled further growth in the hotel and restaurant sector, which also benefited from Grenada hosting several regional and international events, including the Grenada Invitational Athletics Meet, Dive Fest, Pure Grenada Music Festival and SpiceMas
Citizenship by Investment (CBI)
Grenada’s CBI program contributed 1.3% to the GDP of Grenada which is estimated by world bank $1.119 billion in 2017. According to Grenada Finance Ministry, CBI revenues added $147 million to the country since the start of the scheme
- NTF Fund – $92.7 million
- CBI budgetary fees – $5.1 million
- CBI Real estate – $49.1 million
Grenada CBI passport scored top marks for due diligence, transparency, education, passport power in 2019 CBI passport rankings, ranking first among the Caribbean CBI schemes.
Grenada this week announced simplified access to CBI scheme making it stronger, attractive and competitive.
