Grenada relies on tourism as its main source of foreign exchange, but in recent years the country has become increasingly dependent on revenue generated from selling passports under its citizenship investment programs. Strong performance in construction and manufacturing, together with the development of tourism and higher education contributed to growth in national output; however, economic growth remained stagnant in the 2010-14 period, after a sizable contraction in 2009, because of the global economic slowdown's effect on tourism and remittances. Gross national saving and wealth has been declining since 2010.
After the country defaulted in 2013, the government adopted a structural adjustment program that included increasing tax revenue, and the economy stabilized. Public debt-to-GDP was reduced from 100% of GDP in 2013 to 71.8% in 2017, leaving the MITCHELL administration limited room to engage in public investments and social spending.