Agriculture & Fisheries
The agriculture sector continues to be a sector of great importance for Grenada, despite its declining share of gross domestic product (GDP) relative to tourism, for example. The major strengths of the sector are its ability to contribute to income at the level of the working class, and the important multiplier effect that it lends to households and the economy in general. Grenada used to produce bananas in significant export quantity in the 1990s, but it has always had a greater comparative advantage in spices and cocoa (hence its fame as the ‘Spice Isle’), and this remains the case today. Accordingly, the agriculture component of the NES 2017–21 will focus on the specific niche markets in which there is a strong world demand and Grenada already has – or can easily create – comparative advantage. In the process of strategy development, the following sub-sectors were identified: cloves, cinnamon, soursop and cocoa. Along with nutmeg, for which a specific strategy already exists and which will therefore not be focused on in the new NES, these products represent the new area of comparative advantage for Grenada in the agriculture sector.
Fisheries constitute another important area of growth opportunities for the Grenadian economy. Grenada’s fish production and exports are quite strong relative to its Organization of Eastern Caribbean States (OECS) neighbors, and the country enjoys the distinction of being the only country in the OECS with a recognized competent authority for fish exports into the European Union (EU). In addition to its own individual performance in the world market, Grenada is therefore positioned to become a processing center for fish exports destined to both Europe and the USA.