ST GEORGE’S, Grenada (CMC) — Grenada is expected to maintain economic growth for the sixth-consecutive year, based on prelimiary data for the first half of this year.
Describing this as a remarkable achievement, Prime Minister Dr Keith Mitchell says the sectors contributing to the increasing economic activities since his New National Party (NNP) returned to office in 2013 are the construction, tourism, transport and retail trade sectors, in addition to the expansion of the private sector.
“In general, whether it is in education services or other services, we are seeing tremendous increases in the service areas,” he said while addressing the media as the guest of the weekly post-Cabinet briefing on Wednesday.
Speaking about the impact of investment in the education sector, he referred to St George’s University, explaining that the American-owned offshore education institution that provides university education contributes no less than 22 per cent of gross domestic product (GDP).
“When all the numbers have been tabulated and analysed, it is expected that the growth of the economy will be about 5.2 per cent in 2018, and that in effect is a clear example of what is taking place in the country, given that we are just coming out of a structural adjustment programme where we were limited in what we can do,” he said.
“Grenada remains, therefore, the fastest-growing economy in the region, averaging an average growth rate of five per cent since 2013,” he said, while reminding reporters that the economy grew by 5.1 per cent in 2017.
“The growth process for Grenada is very positive barring any unexcepted shocks such as hurricanes and other natural disasters, but we expect growth to be very positive and robust, in the coming year and beyond,” he added.
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