Public Debt Increased By 5.7% By End Of 2021

• At the end of 2021, Grenada’s public debt increased by EC$113.2Mn. This 5.7% increase moved the debt from EC$1,988.5Mn to EC$2,101.6Mn. 
• New borrowing as a result of the Covid-19 pandemic, oversubscriptions allowed on the Regional Governments’ Securities Market (RGSM), disbursements on new and existing loans and a new Government- guaranteed loan contracted by a State-owned enterprise were the main drivers of the increase. 
• By the end of 2021, the total stock of debt was 70.6% of Gross Domestic Product, which comprised of the Central Government’s external and domestic debt and to a lesser extent domestic Government- guaranteed debt. External and domestic debts were 77.9% and 22.1% respectively of total public debt, at the end of 2021. 
• As a small open economy, Grenada’s economic recovery is dependent on a strong recovery of the tourism industry, timely and sufficient debt relief measures and growth inducement strategies.

 (Source: Grenada NOW & NCBCM Research)