Nicknamed « the spice island », Grenada is establishing itself today as a laboratory of resilience in the heart of the Caribbean. Between economic ambition driven by 4.1% growth and major climate challenges, this small state of 344 km² is deploying an audacious transformation strategy, supported by a 572 million dollar national action plan dedicated to environmental adaptation.
Located at the southern end of the Lesser Antilles archipelago, Grenada is home to 130,000 inhabitants around its capital, Saint George’s. Discovered by Christopher Columbus in 1498, the island went through centuries of French and British colonial influences before its independence in 1974. Its current institutional architecture remains deeply marked by the upheavals of the 1979 revolution and the 1983 American intervention.
We have new hotels to build. Our citizenship by investment (CBI) program is underway, which represents a major challenge for Grenada. We have St. George’s University, we have marinas, and many projects are underway in Grenada right now. We are very excited about everything that is happening there. Tourism is a relatively new sector in Grenada. When I say « relatively new », I mean that we can only aspire to reach certain levels of tourism development.
Leila Maria La Touche, General Manager, Terra Caribbean Grenada – Grenada
Today, Grenada is a parliamentary democracy and member of the Commonwealth, whose economy relies mainly on tourism, agriculture, and services. With solid growth estimated at 4.5% of GDP, the services sector, and tourism in particular, stands out as the country’s main economic driver, generating nearly 58 to 74 million dollars in annual sectoral revenue. At the crossroads of European, African, and Caribbean influences, Grenada today embodies a model of a small island economy seeking to combine political stability, economic diversification, and preservation of its rich natural heritage.
I would say that at the moment, our economy relies mainly on the citizenship by investment (CBI) program and on St. George’s University, which contribute significantly to our GDP, and on which we rely heavily, as well as on agriculture. We still produce nutmeg, and we are one of the largest producers of high-quality nutmeg in the world. Tourism is also an important sector for us, as it is growing rapidly and contributes to our economy’s performance.
Leila Maria La Touche, General Manager, Terra Caribbean Grenada – Grenada
Exposed to major climate hazards such as Hurricane Beryl, which struck Grenada on July 1, 2024, with damage estimated at 16.5% of the island’s GDP, Grenada has made environmental resilience a major axis of its development through a national adaptation plan (NAP) featuring an investment roadmap of 572 million dollars. To break its energy dependence on oil imports, which still represent 93 to 98% of its electricity matrix, the country is deploying extensive transition programs. These initiatives rely notably on 10 million pounds sterling in British funding dedicated to geothermal energy, with the goal of integrating 40% renewable energy into its national grid.
