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Grenada’s Economy: Key Highlights for the First Half of 2022

Tourism Sector

Grenada’s tourism sector experienced significant growth in the first half of 2022.

• Passenger Movements: Passenger movements increased by 732.5% compared to the same period in 2021.
• Air Traffic: The number of aircraft arriving on the island was 57.2% higher than in 2021.

Transportation Sector

The transportation sector also saw growth, driven by various factors:

• Air Transport: Many airlines resumed flights and added extra routes from countries like Canada and the US.
• Road Transportation: Construction-related activity and cargo movements within the wholesale and retail sector contributed to growth in this area.

Wholesale and Retail Trade

The wholesale and retail trade sector showed improvement, driven by:

• Return of Students: The return of St. George’s University (SGU) students contributed to the growth.
• Construction Activities: An uptick in construction activities also boosted sales.
• Retail Sales Growth: Total retail sales expanded by 18.6%, with growth in retail sales of building materials and other materials.

Manufacturing Sector

The manufacturing sector recorded a 7.0% overall growth in the first half of 2022 compared to 2021.

• Production Decline: However, production of grain mill and bakery products declined due to lower flour exports, affected by competition from other producers and the non-implementation of Article 164 of the Treaty of Chaguaramas.

Private Education

The private education sector is expected to experience growth:

• Enrollment at SGU: Enrollment at St. George’s University (SGU) is expected to increase as students return in August 2022.