Grenada Tourism Revolutionises Planning With Tourism Satellite Account Tracking Growth, Jobs and Investment

Image generated with Ai

Grenada Tourism Revolutionises Planning With Tourism Satellite Account tracking growth, jobs and investment through a stronger data-based approach. The reason behind this change is Grenada’s need to measure tourism’s economic contribution more accurately and support better policy decisions. Tourism Satellite Account tracking growth, jobs and investment will help the country understand tourism performance, employment impact and industry development. Grenada Tourism Revolutionises Planning by using international tourism measurement standards to create reliable information. The system will support government agencies, tourism stakeholders and future strategies while improving sustainable tourism planning and economic decision-making.

Grenada Builds New Tourism Measurement System to Track Industry Contribution and Future Growth

Grenada is strengthening its tourism planning framework through the establishment of a Tourism Satellite Account (TSA) designed to measure the sector’s economic contribution. The project aims to improve how the country collects, analyses and uses tourism data for policy decisions and sustainable economic development.

The TSA Project is financed by the World Bank under identification number GDPCU – GRENADA-369480-CS-INDV. The Government of Grenada entered into the project contract on 15 January 2024 through the Ministry of Economic Development, Planning, Tourism, ICT and Creative Economy.

The main objective of the project is to improve Grenada’s ability to measure tourism’s contribution to the economy, including its role in economic growth, employment creation, investment and revenue generation.

Grenada Tourism Satellite Account Supports Evidence-Based Tourism Decisions

The Tourism Satellite Account will provide Grenada with a structured method to understand the value created by tourism. The system follows internationally recognised tourism measurement standards developed by the United Nations framework.

According to the TSA project framework, tourism plays an important role in supporting developing economies by creating employment opportunities, attracting investment and encouraging economic activity through tourism revenue distribution.

The project will support government agencies and tourism stakeholders by providing stronger information for planning, policy formulation and implementation.

Grenada Uses International Tourism Standards for Economic Measurement

The TSA project follows two internationally recognised frameworks: the International Recommendations for Tourism Statistics 2008 (IRTS2008) and the Tourism Satellite Account Recommended Methodological Framework 2008 (TSA RMF2008).

These frameworks provide a common method for countries to measure tourism activity and compare tourism performance internationally.

The project will establish ten TSA measurement tables covering tourism expenditure, consumption, production, employment, investment, government support and non-monetary tourism indicators.

Grenada Tourism Authority and Statistics Office Lead Implementation

The Grenada Central Statistical Office (CSO) and Grenada Tourism Authority (GTA) are the primary agencies responsible for overseeing the implementation of the TSA project.

The initiative also benefits other members of the National Statistical System, government departments and the wider public by improving access to reliable tourism information.

Through the Tourism Satellite Account, Grenada aims to create a stronger foundation for tourism policy, improve understanding of the sector’s economic impact and support sustainable tourism development.

The project represents a move towards more accurate tourism measurement, helping Grenada make informed decisions about the future direction of its tourism industry.

Grenada Tourism Revolutionises Planning With Tourism Satellite Account tracking growth, jobs and investment because the country is building a stronger foundation for tourism development. The reason is clear: accurate tourism data helps measure economic contribution, employment opportunities and investment needs. Tourism Satellite Account tracking growth, jobs and investment allows Grenada Tourism to make better decisions using international standards. The project will strengthen tourism planning by improving information available to government agencies and industry stakeholders. Grenada Tourism Revolutionises Planning as it moves towards more effective, sustainable and data-driven tourism growth for the future.