Members of the media are to be updated next Tuesday about the performance of the Grenada Government in 2023, as it relates to the country’s fiscal position.
This in accordance with the applicable legislation set up for oversight checks and balances by the Fiscal Resilience Oversight Committee (FROC).
A report in this connection has already been published on the Ministry of Finance website.
REPORT:
In examining, the country’s growth performance, among other things, it’s reported that the Grenadian economy proved to be resilient in 2023, despite ongoing geo-political tensions, still high levels of global inflation and the coordinated tightening of monetary policies across the world’s major central banks.
The report says the economy grew by an estimated 5.5 percent as economic activity returned to pre Covid-19 levels, mainly due to recovery in tourism and growth in the construction sector.
Tourism, proxied by the hotels and restaurants’ sector, grew by 15.6 per cent and the construction sector by 12.6 per cent.
All categories of visitors and stayover visitors from all the major source markets, except the Caribbean, recorded growth.
The manufacturing sector is estimated to have grown by 4.3 per cent, while the agriculture sector is estimated to have contracted by 6.0 per cent.
The report also shows that consistent with global trends, the inflation rate fell to 2.3 per cent, from 2.9 per cent the previous year, on an end-of-period basis.
The country’s public debt factor has been outlined and, like enshrined in the published report, it’s expected that officials will highlight details at the news conference.
The Oversight Committee was first established in August 23, 2017 for the benefit of the country’s economic governance.
