International Trade in Grenada

International Trade in Grenada

Grenada's economy was directly affected by the world economic crisis, which caused difficulties for a number of its financial and insurance institutions, also causing a fall in the number of tourists and the FDI flows. After contracting by 7.7%in 2009, the island's GDP growth return to... Read more

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Market Analyses About Grenada (2)

Import and Export Services in Grenada (14)

  • Heritage Destination Consulting Ltd

    Heritage Destination Consulting Ltd

    Tourism Consulting, Grenada

    International Heritage Interpretation & Heritage Tourism Destination Consultants Heritage Destination Consulting...
  • BSI-Media Limited (lowtax.net)

    BSI-Media Limited (lowtax.net)

    Tax Services, Grenada

    BSI publishes some of the most respected internet publications in the fields of business, tax, law and investment. We've been...

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Agents and Distributors in Grenada (1)

  • MIAMI EXPORT PURCHASING CORPORATION

    Distributors, Grenada

    WE PURCHASE GOODS BASED ON OUR CUSTOMERS NEEDS. WE CONSOLIDATE THEIR ORDER AND SHIP OUT ACCORDING TO URGENCY -COURIER, AIR OR OCEAN...

Overview About International Trade in Grenada

Economic Overview

Grenada's economy was directly affected by the world economic crisis, which caused difficulties for a number of its financial and insurance institutions, also causing a fall in the number of tourists and the FDI flows. After contracting by 7.7%in 2009, the island's GDP growth return to positive in 2010, reaching 0.8%. Slow growth is expected for the coming years.

Grenada's economy had to deal with the consequences of hurricane Ivan in September 2004, which devastated 90% of the island (in particular the banana and nutmeg plantations which were annihilated), and then hurricane Emily in July 2005. The country, which was the second nutmeg producer, after Indonesia, is not expected to regain its ranking before 2012. In April 2010, the government has signed an three-year agreement with the IMF, as part of the Extended Credit Facility framework, in order to deal with the difficulties caused by the crises. The priority is fiscal consolidation, the consolidation of the banking system, and reducing poverty.

Poverty affects almost 40% of the island's population, extreme poverty 2.5%. A quarter of the workforce is unemployed and in 2005 almost 70% of the Grenadians emigrated

News Related to International Trade in Grenada

  • Egypt- Social life in Al-Ahmar's Granada: a free visa to travel with time and live a real fairytale in Andalusia—Arab-Muslim Spain - Apr 07, 2017

    Egypt- Social life in Al-Ahmar's Granada: a free visa to travel with time and live a real fairytale in Andalusia—Arab-Muslim Spain

    Source: Menafn.com

  • Grenada parliament approves FATCA legislation - Apr 01, 2017

    The FATCA legislation demands that foreign banks provide information to America??s Internal Revenue Service (IRS) on any customer deemed a ??US person? if they have more than US$50,000. Washington has said that the legislation aims to crack down on tax dodgers who hide hundreds of millions of US dollars in offshore accounts annually in an effort to avoid paying taxes. Unlike other Caribbean countries, the Grenada government controls all 15 seats in the House of assembly and the legislation received easy passage with little or no debate. It now goes before the Senate in April where the debate is likely to be a bit more intense given the interest groups represented in the Upper House. According to the FACTA legislation, the Comptroller of Inland Revenue has been declared the competent authority with whom the IRS shall have direct communications when it comes to seeking information. As the competent authority, the Comptroller will mandate his/her staff to gather information from financial institutions. ??Failure to comply with such a request is a summary offence punishable by a fine not exceeding EC$100,000.00 (One EC dollar =US$0.37 cents),? according to the legislation titled ??United States of America??Grenada Foreign Account Tax Compliance Act, 2017?. Where a financial institution provides inaccurate information in response to such a request on conviction of the summary offence it faces a fixed penalty of EC$50,000, or a fine not exceeding EC$300,000. ??A person who discloses or divulges any information or produces any document in contravention of this section commits an offence and is liable on summary conviction to a fine of not exceeding EC$5,000 or to imprisonment for a term not exceeding one year,? according to the legislation. The legislation once approved will be applied retroactively covering the years 2014, 2015 and 2016. (CMC)

    Source: GUARDIAN

  • Heliopolis Company for Housing and Development signs 'Grenada' renovation contract with Arab Contractors - Feb 22, 2017

    Heliopolis Company for Housing and Development signs 'Grenada' renovation contract with Arab Contractors

    Source: Menafn.com