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Dip in Unemployment, Economic Growth for Grenada says IMF

Photo from Pure Grenada Tourism website

#Grenada – Wednesday, June 6, 2018 – Good news as the International Monetary Fund or IMF has announced that Grenada’s economy grew by 4.5 per cent last year, driven by strong activity in the construction, tourism, and education sectors.  

In a statement from the Washington-based financial institution, it was said that weather-related weaknesses in agriculture have, however, been a headwind.

It said unemployment, while falling, remains high at 23.6 per cent in 2017, while inflation is low, falling below one per cent.  The 2017 current account deficit increased by 3.5 percentage points of gross domestic product (GDP) for Grenada and that foreign direct investment (FDI) is estimated at 8.5 per cent of GDP, driven by tourism and proceeds from the Citizenship-by-Investment (CBI) programme.

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