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Economy of Grenada vs Trinidad and Tobago compared: GDP & Debt

Updated on by Georank team

Grenada has a GDP of $1.39B compared to $26.4B for Trinidad and Tobago, ranking 184/197 and 114/197 by economy size, respectively.

Grenada has $1.02B in government debt (71.4% of GDP), compared to $17B (67.2% of GDP) in Trinidad and Tobago.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Grenada
GDP, current $

GDP, constant 2015 $
Trinidad and Tobago
GDP, current $

GDP, constant 2015 $
Year GDP
Grenada Trinidad
Current $ Constant $ Current $ Constant $
1960 - - $535,673,252 $3,630,222,802
1961 - - $584,964,621 $4,139,799,750
1962 - - $619,322,810 $4,253,332,232
1963 - - $678,239,329 $4,491,714,373
1964 - - $711,897,520 $4,834,454,628
1965 - - $736,573,159 $4,867,998,505
1966 - - $723,739,857 $5,065,484,518
1967 - - $761,981,912 $5,168,947,937
1968 - - $758,899,950 $5,438,515,892
1969 - - $779,200,000 $5,587,024,608
1970 - - $821,850,000 $5,784,449,703
1971 - - $896,765,215 $5,844,627,406
1972 - - $1,083,391,758 $6,182,467,140
1973 - - $1,308,785,431 $6,284,874,810
1974 - - $2,042,001,071 $6,524,177,955
1975 - - $2,442,669,825 $6,620,603,046
1976 - - $2,500,424,955 $7,044,662,296
1977 $71,494,495 $294,935,712 $3,138,666,667 $7,687,261,624
1978 $88,322,386 $310,689,415 $3,562,333,458 $8,457,254,686
1979 $102,244,362 $328,094,495 $4,602,416,625 $8,761,662,363
1980 $110,900,457 $326,339,899 $6,235,833,333 $9,672,070,064
1981 $115,651,919 $331,346,564 $6,992,083,333 $10,114,780,883
1982 $125,435,590 $345,012,163 $8,140,416,667 $10,499,073,581
1983 $131,803,552 $357,544,989 $7,763,750,000 $9,417,634,514
1984 $145,533,311 $370,303,858 $7,757,083,333 $8,876,035,190
1985 $167,728,455 $392,446,948 $7,375,918,367 $8,510,394,061
1986 $187,589,523 $420,680,655 $4,794,444,444 $8,231,324,363
1987 $215,009,570 $458,951,763 $4,797,777,778 $7,855,829,575
1988 $236,357,524 $472,567,906 $4,496,910,569 $7,547,902,734
1989 $267,327,642 $490,372,992 $4,323,058,824 $7,485,261,616
1990 $278,098,763 $510,049,757 $5,068,000,000 $7,598,226,778
1991 $300,757,889 $517,116,730 $5,307,905,882 $7,834,714,586
1992 $310,160,444 $512,715,298 $5,439,552,941 $8,625,470,724
1993 $309,812,185 $502,672,150 $4,669,491,134 $8,567,756,425
1994 $325,111,815 $511,185,185 $4,947,181,646 $8,873,383,771
1995 $342,172,519 $522,070,746 $5,329,217,747 $9,211,451,985
1996 $366,911,444 $545,241,472 $5,759,570,336 $9,868,640,951
1997 $392,190,593 $572,588,028 $5,737,771,523 $10,611,044,464
1998 $445,903,593 $639,887,179 $6,043,686,654 $11,473,145,562
1999 $482,009,370 $684,028,916 $6,808,982,521 $12,393,844,571
2000 $520,044,370 $717,463,922 $8,154,342,116 $13,249,188,352
2001 $520,444,185 $702,943,169 $8,824,849,191 $13,801,483,946
2002 $540,336,926 $727,105,600 $9,008,298,229 $14,896,867,659
2003 $591,018,407 $795,918,681 $11,305,459,802 $17,048,122,760
2004 $599,118,593 $790,765,503 $13,280,291,990 $18,403,457,301
2005 $695,555,556 $895,749,021 $15,982,389,018 $19,546,116,532
2006 $698,700,667 $859,960,907 $18,369,361,094 $22,127,779,059
2007 $758,683,593 $912,620,191 $21,641,620,050 $23,179,780,078
2008 $825,976,037 $921,267,657 $27,871,587,350 $23,965,977,273
2009 $771,275,556 $860,341,635 $19,172,165,226 $22,913,456,440
2010 $771,014,815 $855,944,031 $22,157,920,592 $23,674,922,086
2011 $778,655,556 $862,490,065 $25,433,007,437 $23,605,233,909
2012 $799,881,481 $852,529,700 $27,147,349,937 $25,189,164,853
2013 $842,618,519 $872,573,509 $28,560,536,917 $26,031,643,292
2014 $911,496,296 $936,638,938 $29,474,180,442 $26,993,607,567
2015 $997,007,407 $997,007,407 $26,841,143,095 $26,841,143,095
2016 $1,061,640,741 $1,034,291,536 $23,624,333,664 $24,853,971,610
2017 $1,125,685,185 $1,080,200,383 $23,847,765,529 $23,656,360,891
2018 $1,166,514,815 $1,127,312,678 $23,888,910,152 $23,423,221,520
2019 $1,213,485,185 $1,134,939,081 $23,588,037,787 $23,533,735,415
2020 $1,043,411,111 $978,809,799 $20,991,339,707 $21,438,575,322
2021 $1,122,800,000 $1,024,691,294 $24,177,305,760 $21,243,057,044
2022 $1,231,732,104 $1,099,706,286 $28,510,328,245 $21,472,954,153
2023 $1,323,985,600 $1,151,169,921 $25,489,373,405 $21,779,397,559
2024 $1,391,435,993 $1,193,683,309 $26,428,963,758 $22,138,889,024

Economic indicators

Grenada Trinidad
Gross domestic product
$1.39B
2024
$26.4B
2024
GDP rank
184/197
2024
114/197
2024
GDP growth
5.09%
2023-2024
3.69%
2023-2024
GDP per capita
$11,872
2024
$19,315
2024
GDP per capita rank
80/197
2024
60/197
2024
GDP per capita, PPP
$20,167
2024
$36,021
2024
Government debt
$1.02B
2024
$17B
2024
Debt-to-GDP ratio
71.4%
2025
67.2%
2025
Government debt per person
$8,688
2024
$12,454
2024
Government debt per person rank
62/185
2024
45/185
2024
Average annual personal income after taxes
$11,039
2025
$11,432
2025
Market capitalization of domestic companies n/a
$3.89B
2001
Income share by richest 10%
33.7%
2018
29.9%
1992
Income share by poorest 10%
2.1%
2018
2.1%
1992
Government expenditure, % of GDP
39.6%
2025
32.4%
2025
Consumer prices inflation
1.09%
2023-2024
0.53%
2023-2024
Central bank interest rate n/a
3.5%
2020
Unemployment rate
6.34%
2023
3.36%
2023
Population
117349
1372940

GDP per capita in Grenada vs Trinidad and Tobago

Grenada's GDP per capita is $11,872, ranking 80/197, compared to $19,315 in Trinidad and Tobago, ranking 60/197. Adjusted for purchasing power (GDP per capita PPP), Grenada ranks 95th at $20,167, while Trinidad and Tobago ranks 62nd at $36,021.

Grenada
GDP per capita

GDP per capita, PPP
Trinidad and Tobago
GDP per capita

GDP per capita, PPP
Year Current $
Grenada Trinidad
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $634 -
1961 - - $678 -
1962 - - $704 -
1963 - - $756 -
1964 - - $780 -
1965 - - $793 -
1966 - - $768 -
1967 - - $797 -
1968 - - $783 -
1969 - - $795 -
1970 - - $829 -
1971 - - $894 -
1972 - - $1,067 -
1973 - - $1,273 -
1974 - - $1,962 -
1975 - - $2,319 -
1976 - - $2,345 -
1977 $737 - $2,907 -
1978 $917 - $3,258 -
1979 $1,071 - $4,155 -
1980 $1,173 - $5,559 -
1981 $1,230 - $6,160 -
1982 $1,329 - $7,091 -
1983 $1,388 - $6,690 -
1984 $1,524 - $6,613 -
1985 $1,745 - $6,212 -
1986 $1,938 - $3,985 -
1987 $2,205 - $3,941 -
1988 $2,404 - $3,656 -
1989 $2,697 - $3,482 -
1990 $2,782 $4,553 $4,047 $6,878
1991 $2,984 $4,733 $4,205 $7,274
1992 $3,053 $4,761 $4,277 $8,129
1993 $3,026 $4,742 $3,647 $8,209
1994 $3,152 $4,889 $3,840 $8,631
1995 $3,294 $5,062 $4,115 $9,099
1996 $3,508 $5,347 $4,427 $9,883
1997 $3,725 $5,673 $4,394 $10,769
1998 $4,206 $6,368 $4,613 $11,735
1999 $4,516 $6,857 $5,179 $12,812
2000 $4,840 $7,306 $6,179 $13,953
2001 $4,820 $7,283 $6,657 $14,797
2002 $4,984 $7,621 $6,763 $16,141
2003 $5,428 $8,469 $8,445 $18,743
2004 $5,480 $8,606 $9,871 $20,674
2005 $6,339 $10,016 $12,346 $23,536
2006 $6,344 $9,877 $14,153 $27,393
2007 $6,865 $10,728 $16,607 $29,355
2008 $7,448 $11,001 $21,299 $30,807
2009 $6,933 $10,303 $14,634 $29,602
2010 $6,910 $10,344 $16,815 $30,778
2011 $6,947 $10,592 $19,151 $31,078
2012 $7,093 $10,575 $20,332 $31,883
2013 $7,425 $11,199 $21,305 $31,746
2014 $7,986 $12,229 $21,908 $32,027
2015 $8,694 $13,214 $19,887 $29,825
2016 $9,221 $13,978 $17,449 $28,232
2017 $9,751 $15,041 $17,579 $28,505
2018 $10,083 $15,975 $17,576 $28,680
2019 $10,463 $16,446 $17,293 $29,454
2020 $8,969 $14,361 $15,359 $26,863
2021 $9,622 $15,298 $17,679 $30,425
2022 $10,535 $17,555 $20,874 $32,989
2023 $11,308 $19,010 $18,639 $34,620
2024 $11,872 $20,167 $19,315 $36,021

Spending and national debt comparison

In 2024, Grenada's government spending was $518M, accounting for 39.6% of its GDP, while Trinidad and Tobago's spent $8.51B, or 32.4% of GDP.

Debt-to-GDP ratio is 71.4% in Grenada and 67.2% in Trinidad and Tobago, ranking 53/185 and 63/185, respectively.

Grenada
Government spending

Government debt
Trinidad and Tobago
Government spending

Government debt
Year % of GDP
Grenada Trinidad
Government spending Government debt Government spending Government debt
1988 - - 45.3% 65.3%
1989 - - 30.9% 51.9%
1990 29% 46.2% 26.9% 47.7%
1991 26.8% 42% 29.6% 49.5%
1992 21.8% 40.1% 28.6% 49.2%
1993 23.1% 45.3% 26.9% 58.8%
1994 24.7% 45.7% 25.4% 52.6%
1995 23.2% 43.1% 26.2% 50.1%
1996 26.3% 43.9% 27.6% 47%
1997 26.6% 41.4% 27.2% 46.1%
1998 25.3% 40.3% 26.9% 42.8%
1999 23.7% 34.5% 24.1% 42.2%
2000 25.6% 41.6% 23.1% 38.9%
2001 29.6% 44.6% 24.8% 36.6%
2002 35.7% 79.1% 24.4% 37%
2003 28.7% 79.6% 22.2% 30.2%
2004 24.7% 94.7% 22.5% 24.2%
2005 26.6% 87.3% 26.7% 19.8%
2006 32.4% 92.9% 31.6% 16.9%
2007 27.7% 89.1% 25.7% 16.2%
2008 27.9% 83.9% 26.7% 13.5%
2009 27.2% 91.1% 37% 20.7%
2010 28% 96.2% 30.4% 16.8%
2011 28.3% 102.8% 29.4% 26.4%
2012 26.2% 101.5% 29.5% 21.8%
2013 28.1% 105.4% 31.3% 21.6%
2014 28.7% 99.3% 32.8% 23.5%
2015 25.3% 90.1% 35% 27.1%
2016 23.5% 81.6% 31.9% 35.4%
2017 22.6% 70.4% 30.7% 39.8%
2018 22.4% 68.5% 30.2% 41.5%
2019 21.6% 62.7% 31% 46%
2020 32.7% 89.5% 36% 62.2%
2021 31.2% 86.6% 30.4% 58.5%
2022 31.8% 78.8% 27.1% 51%
2023 28.9% 75.2% 32.9% 61.1%
2024 37.2% 73.2% 32.2% 64.5%
2025 39.6% 71.4% 32.4% 67.2%

Government deficit by year

In 2024, Grenada's government surplus, the difference between spending and revenue, was $92.9M, equivalent to 6.68% of GDP. This compares to Trinidad and Tobago's deficit of -$1.57B, or -5.92% of GDP.

Over the past 35 years, Grenada recorded a fiscal deficit in 26 of those years, while Trinidad and Tobago ran a deficit in 22 years. On average, Grenada posted an annual deficit equal to -2.08% of GDP, compared to deficit of -1.96% of GDP for Trinidad and Tobago.

Deficit/surplus
Grenada

Trinidad and Tobago
Year Deficit/surplus, % of GDP
Grenada Trinidad
1988 - -9.34%
1989 - -4.46%
1990 -7.78% -1.27%
1991 -4.34% -0.21%
1992 -1.46% -2.74%
1993 -0.16% 0.23%
1994 -2.85% -0.02%
1995 -0.46% 0.17%
1996 -3.02% -0.45%
1997 -4.94% 0.11%
1998 -2.39% -1.8%
1999 -1.7% -0.88%
2000 -2.07% 0.17%
2001 -6.05% 0.61%
2002 -13.9% -0.2%
2003 -2.81% 1.8%
2004 -0.57% 1.84%
2005 0.9% 2.36%
2006 -5.23% 1.56%
2007 -5.91% 3.12%
2008 -3.72% 5.39%
2009 -4.4% -5.42%
2010 -4.07% 0.13%
2011 -4.86% -0.67%
2012 -5.44% -1.26%
2013 -7.25% -2.67%
2014 -4.2% -4.31%
2015 -0.8% -7.56%
2016 2.69% -10.1%
2017 3.01% -10.4%
2018 4.59% -5.89%
2019 4.97% -3.72%
2020 -4.54% -12.1%
2021 0.31% -8.1%
2022 0.95% 0.92%
2023 8.01% -1.19%
2024 6.68% -5.92%
2025 -8.85% -3.39%

Inflation comparison by year

Over the past 29 years, Grenada has recorded an average annual inflation rate of 1.85%, compared with 4.83% in Trinidad and Tobago. In 2024, inflation was 1.09% in Grenada and 0.53% in Trinidad and Tobago.

Inflation
Grenada

Trinidad and Tobago
Year Inflation
Grenada Trinidad Grenada Trinidad
1996 2.03% 3.4%
1997 1.24% 3.63%
1998 1.38% 5.61%
1999 0.58% 3.44%
2000 2.18% 3.56%
2001 3.14% 5.54%
2002 1.07% 4.15%
2003 2.15% 3.81%
2004 2.31% 3.72%
2005 3.48% 6.87%
2006 4.25% 8.33%
2007 3.86% 7.89%
2008 8.03% 12%
2009 -0.31% 6.98%
2010 3.44% 10.5%
2011 3.03% 5.11%
2012 2.41% 9.26%
2013 -0.04% 5.2%
2014 -0.98% 5.68%
2015 -0.52% 4.66%
2016 1.65% 3.07%
2017 0.91% 1.88%
2018 0.8% 1.02%
2019 0.6% 1%
2020 -0.74% 0.6%
2021 1.22% 2.06%
2022 2.58% 5.83%
2023 2.7% 4.63%
2024 1.09% 0.53%

Top exports between countries

Grenada
Export category Export value
Machinery & equipment $2.67M
Processed food, beverages & tobacco $257K
Metals $127K
Textiles & consumer goods $101K
Chemicals & pharma $77K
Raw agricultural goods $34K
Wood & paper products $8K
Miscellaneous $7K
Raw materials & minerals $6K
Precious metals & jewellery $4K
Trinidad
Export category Export value
Processed food, beverages & tobacco $28.4M
Raw materials & minerals $23.3M
Chemicals & pharma $9.75M
Machinery & equipment $9.61M
Metals $7.52M
Wood & paper products $5.63M
Textiles & consumer goods $4.52M
Raw agricultural goods $2.12M
Animal & marine products $1.05M
Miscellaneous $922K

Balance of trade

Grenada Trinidad
Current account balance
-$271M
2024
$1.23B
2024
Current account balance ranking
96/189
2024
52/189
2024
Current account balance, % of GDP
-19.5%
2024
+4.67%
2024
Goods imports
$562M
2024
$7.54B
2024
Goods exports
$70.4M
2024
$10B
2024
Service imports
$429M
2024
$2.71B
2024
Service exports
$789M
2024
$1.26B
2024
Exports of goods and services, % of GDP
16%
2025
45%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Grenada Trinidad
Economic freedom 63 63.6
Economic freedom ranking 81/197 76/197
Property rights n/a 58.3
Government integrity n/a 44.7
Judicial effectiveness n/a 58.5
Tax burden n/a 79.5
Government spending n/a 74.5
Fiscal health n/a 80.9
Business freedom n/a 72.6
Labor freedom n/a 60.4
Monetary freedom n/a 76.3
Trade freedom n/a 67.6
Investment freedom n/a 50
Financial freedom n/a 40

More economic indicators

Grenada Trinidad
Services, % of GDP
65.2%
2024
59.9%
2023
Industry, % of GDP
14.8%
2024
35%
2023
Agriculture, forestry, and fishing, % of GDP
2.75%
2024
0.82%
2023
GNI, Atlas method
$1.24B
2024
$27.4B
2024
GNI per capita, PPP
$18,240
2024
$36,280
2024
Total reserves including gold
$423M
2024
$5.6B
2024
Total reserves ranking
161/177
2024
94/177
2024
Net foreign direct investment
-$223M
2024
$1.57B
2024
Net inflows of foreign direct investment
$226M
2024
-$1.04B
2024
Net outflows of foreign direct investment
$2.72M
2024
$527M
2024
Servicing debt to the IMF, % of GNI
4.67%
2023
n/a
Poverty at national poverty lines
38%
2020
20%
2020
Gross capital formation, % of GDP
n/a
20.1%
2021

GDP per capita map

GDP per capita

Compare countries by 7 more topics

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.