When choosing a country for a second citizenship, an investor is also choosing the economy their passport will be tied to for years to come. So it pays to look not only at the terms of the program, but also at how the country itself is doing. Here is a review of Grenada's economy in 2023-2025 based on data from the IMF (Article IV Consultation 2024), the World Bank, the Bank of Scotland Trade Portal and Grenada's Ministry of Finance.
In short: three years of recovery-driven growth, interrupted by Hurricane Beryl in July 2024 but not knocked off course.
The macroeconomy in figures
| Indicator | 2023 | 2024 | 2025 (estimate) |
|---|---|---|---|
| Population (estimate) | about 113,000 | about 113,000 | about 112-113,000 |
| Nominal GDP | USD 1.3 billion | USD 1.4 billion | USD 1.4 billion |
| GDP per capita | about USD 11,300 | about USD 11,800 | about USD 12,150 |
| Real GDP growth | 4.7% | 3.7% | 4.5% |
| Inflation (CPI) | 2.2-2.7% | 1.1% | 0.6% |
| Public debt, % of GDP | 75.2% | 73.3% | about 71-73% |
| Budget balance, % of GDP | surplus | surplus of 4.7% | estimates differ |
| Unemployment | 11.0-11.1% | about 8.5-12% | declining (forecast) |
Budget estimates for 2025 differ: some World Bank forecasts allowed for a temporary deficit amid post-hurricane recovery, while later data shows the surplus being maintained thanks to revenue from the citizenship by investment (CBI) program. There is no single official unemployment figure for 2025 yet. Population estimates range from 112,000 to 124,000 depending on the source; the population is barely growing.
Debt and the budget
Public debt has been falling for the third year in a row: from 75.2% of GDP in 2023 to 73.3% in 2024 and an estimated 71-73% in 2025. The target under the Fiscal Resilience Act 2023 is 60% of GDP by the mid-2030s.
The main driver of the decline is higher budget revenue. In 2024, government revenue reached 44.1% of GDP, largely thanks to CBI receipts. The 2026 national budget is 1.9 billion Eastern Caribbean dollars (about USD 703 million), of which 1.3 billion is recurrent revenue. The deficit of 309.8 million is covered mainly from government reserves rather than new borrowing.
Tourism
Tourism remains the main source of foreign-exchange earnings. 2023 and the first half of 2024 were exceptional for the sector: stayover arrivals grew faster than in the rest of the Eastern Caribbean Currency Union. In 2025, arrivals fell by around 5% - a natural correction after a high base rather than a structural decline.
Construction and Project Polaris
Construction became the main beneficiary of the recovery after Hurricane Beryl: rebuilding added about 5 percentage points to the sector's growth in 2024 and around 7 points in 2025.
The sector's long-term driver is Project Polaris, a new 250-bed hospital at the heart of an 84-acre "Medical City" in Calivigny, St George's parish. The international partner is New York's Mount Sinai Health System, responsible for design, clinical processes and staff training. The foundation stone was laid on 27 March 2026 with more than 1,500 people attending. Construction is expected to take about 3 years, finishing by 2029; the first financing tranche of USD 60 million has been signed. The hospital will replace the current St George's General Hospital, and the authorities hope to make Grenada a regional hub for medical tourism.
Energy
The national electricity provider GRENLEC, which holds an exclusive licence for generation, transmission and distribution until 2073, is running two major projects on the grounds of Maurice Bishop International Airport.
- A battery energy storage system (BESS) of 10.6 MW / 21.2 MWh. It is financed along two lines: the Caribbean Development Bank together with the EU, the UK and Canada (5.5 MW / 10 MWh, tender in Q2-Q3 2026; financing confirmed on 17 July 2026, implementation period about 20 months), and the World Bank (5.1 MW / 11.2 MWh).
- A solar power plant made up of three ground-mounted installations with a combined capacity of about 15.1 MW, designed to cover up to 40% of the country's electricity consumption. The tender winner will receive a 25-year power purchase agreement with GRENLEC; construction is planned for 2026-2027.
Both projects are part of Grenada's strategy to move to 100% renewable energy by 2039, promoted by the PURC regulator and the Rocky Mountain Institute.
Agriculture and spices
The "Spice Island" remains the world's second-largest producer of nutmeg after Indonesia, and also exports mace, cocoa and bananas. However, agriculture's share of GDP keeps shrinking (between 2.7% and 9% depending on the estimate) as the economy shifts towards services.
It was agriculture that took the brunt of Hurricane Beryl: output fell by 14-16 percentage points in 2024. The hurricane's overall effect on GDP was modest, around -0.3 points, because most of the damage hit sparsely populated, non-tourist areas.
Education and other services
A less obvious feature of the economy: private education, above all medical and veterinary schools for students from the USA, Canada and elsewhere, accounts for about 11.5% of Grenada's GDP. Call centres and data processing, financial services and logistics also play a notable role in the services sector.
Real estate and the citizenship program
Since 2014, more than USD 985 million has flowed into Grenada's economy through both routes of the program (contributions to the National Transformation Fund and approved real estate). Real estate investment is nominally larger (60-70% of the total), but it passes through escrow accounts and is released in stages, whereas direct contributions to the fund go straight into the budget.
Statistics on citizenships granted have been published inconsistently: from 2014 to 2023 the Ministry of Finance disclosed quarterly data, while in 2024 the IMA agency temporarily stopped including it in its quarterly reports. The IMA later released its most detailed dataset to date: from 2014 to mid-2025, about 13,700 people obtained citizenship through the program, including main applicants and family members. 2024 was a record year: 5,443 new citizens, the program's all-time high, and more than USD 412 million in budget revenue in a single year. We compared this with the other Caribbean programs in "How Many Passports Have Been Sold: Data on Five Caribbean CBI Programs".
Labour market
Unemployment fell to 11% by the end of 2023, the lowest level in years. A gender gap persists (15.8% for women versus 7.2% for men), and youth unemployment, despite a historic low, remains high at around 23%. The share of the population below the poverty line (USD 6.85 a day at 2017 PPP) fell to 13.1% in 2024, below the pre-pandemic level.
Hurricane Beryl: the main shock of the period
In July 2024, Category 4 Hurricane Beryl caused damage estimated at 16.5% of Grenada's 2023 GDP. Yet the effect on growth was limited, around -0.3 points of GDP, because the storm hit agricultural areas rather than tourism infrastructure. Reconstruction became an additional driver of construction for two years, and compensatory financing from international partners helped keep the budget stable.
Bottom line for investors
In 2023-2025, Grenada's economy grew by about 4% a year on average, debt declined and budget revenue reached historic highs, largely thanks to the citizenship program. Structural vulnerabilities remain: dependence on tourism and agriculture, exposure to hurricanes, gaps in the labour market. But the country came through one of the strongest hurricanes of recent years without serious macroeconomic damage, and Project Polaris and the energy system upgrade set the direction of growth for the coming years.
For a passport holder, this means a country with clear momentum and disciplined fiscal policy; for a real estate investor, an economy where construction and infrastructure are growing not only on the back of tourism.
MIRBEZVIZ supports the Grenada citizenship program and post-immigration services on the island. A personal expert will explain which route of the program suits your goals and what to take into account in advance.
Book a meeting with an expert - we answer questions every day from 10:00 to 20:00.
This material is for information only and does not constitute legal or investment advice. Sources: IMF (Article IV Consultation 2024), World Bank, Bank of Scotland Trade Portal, Grenada Ministry of Finance; 2025 estimates are preliminary.
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