2020 Annual Economic and Financial Review

2020 Annual Economic and Financial Review

GRENADA

Outlook In line with the forecast for a global economic recovery, the Grenada economy is expected to experience single digit growth in 2021.  Progress in vaccine inoculation in its main tourism source markets will benefit the ailing tourism industry, once their efficacy is maintained against the new variants of the virus. Moreover, the roll out of an unprecedented capital programme is expected to be a catalyst for growth in the near term.  This forecast could be thwarted if there is a major natural disaster and if global travel remains depressed beyond the third quarter of 2021. 

Grenada Balance of Payments (EC$M)

1000.0 1200.0

200.0 400.0 600.0 800.0

(800.0) (600.0) (400.0) (200.0) 0.0

2016

2017

2018

2019

2020

Exports of Goods Current Balance

Imports of Goods

Net Lending/Net Borrowing

The capital account surplus fell by 12.6 per cent to $146.3m contributing to a reduction in the net borrowing position on the current and capital account to $326.7m. This was partly financed by imputed reserves and other investments on the financial account.

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