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Grenada’s Economy on the Rise: Tourism and Construction Drive Growth

St. George’s, Grenada - The island’s economy is showing signs of recovery, with tourism and construction sectors leading the way.

Tourism Sector Shines

According to recent statistics, the country has seen a significant increase in stayover arrivals, with 377,394 passengers expected to visit by May 2023. The cruise subsector also got off to a strong start this year, with 202 calls scheduled to bring visitors to the island during the 2022/2023 season.

  • This influx of tourists is having a positive impact on local businesses, particularly in the restaurant and transportation sectors.
  • However, smaller hotels and tourism-related businesses may face challenges due to high airline ticket prices driven by higher jet fuel costs, which could deter travelers from visiting the island in the medium-term.

Other Sectors Show Improvement

In other areas of the economy:

  • The Transport and Storage Sector performed well during the first half of 2022, with sea transport growing by 20.4 percent.
    • Air transport also saw an increase, with passenger movements up by 732.5 percent over the same period last year.
  • The Wholesale and Retail Trade sector showed improvement, driven by growth in construction activities and the return of St. George’s University students to the island.
    • Supermarkets, hardware stores, and local suppliers experienced a surge in retail activity, with total retail sales expanding by 18.6 percent.
  • The Manufacturing Sector recorded an overall growth of 7.0 percent in the first half of 2022, despite challenges faced by flour producers due to competition from other countries and the non-implementation of Article 164 of the Treaty of Chaguaramas.

Education Sector Sees Growth

In education, enrollment at St. George’s University has seen a significant increase, with students returning to campus in August 2022 after a period of online learning during the pandemic.

Conclusion

Overall, these developments are welcome news for Grenada’s economy, which has been working to recover from the impacts of COVID-19. While challenges remain, the island is showing resilience and growth, driven by its tourism and construction sectors.