Goa is a globally recognised tourist destination famous for its beaches and cultural diversity. Tourism is a key economic activity of Goa and has contributed substantially to the economic development of the state in terms of employment generation and foreign exchange earnings.

Goa’s gross domestic product (GDP) grew at a compound annual growth rate (CAGR) of 15.4 per cent between 1999-2000 and 2007-08 from US$ 1.36 billion to US$ 4.3 billion. The per-capita income of Goa was US$ 2,731 while the all-India average was US$ 850 in 2008. The tertiary sector continues to be the mainstay of the state’s economy. In terms of per capita deposits, Goa is next only to Delhi and Chandigarh. At the end of 2006, Goa’s per capita deposits stood at US$ 2,482 against the all-India figure of US$ 711.7. In terms of number of households covered by banking facility, Goa ranks first in the country with 72.8 per cent financial inclusion.

Iron, manganese and bauxite ores are the major minerals found in Goa. Mining (especially of iron ore) along with tourism, is an important industry for Goa and the state exports over 60 per cent of the country’s iron ore (45.9 million tonnes in 2008). Apart from having an established iron ore mining industry, Goa has emerged as a manufacturing base for several leading companies in areas like fertilisers, tyres and tubes, cement, electrical machinery, fish net making machines, automatic washing machines, printed circuit boards, pharmaceutical and pharmaceutical machinery. The pharmaceuticals industry is the second largest employer after the mining industry in the state.

Goa is a major exporter of seafood to the US, Japan and European countries.

As of December 2008, the outstanding project investments in the state were to the tune of US$ 1,302 million, with the services sector accounting for the major chunk.

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