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Trinidad and Tobago Economy 2014
http://www.theodora.com/wfbcurrent/trinidad_and_tobago/trinidad_and_tobago_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Economic growth between 2000 and 2007 averaged slightly over 8%, significantly above the regional average of about 3.7% for that same period; however, GDP has slowed down since then and contracted during 2009-2011 due to depressed natural gas prices and changing markets. Growth had been fueled by investments in liquefied natural gas, petrochemicals, and steel with additional upstream and downstream investment planned. Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources but it also supplies manufactured goods, notably food products and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment. Oil production has declined over the last decade as the country focused the majority of its efforts on natural gas. However, declining reserves, lack of government investment in the sector, and the changing global gas market raises concern for the long-term growth of the country's energy sector. Although Trinidad and Tobago enjoys cheap electricity from natural gas, the renewable energy sector has recently garnered increased interest. The country is also a regional financial center with a well-regulated and stable financial system. Other sectors the Government of Trinidad and Tobago targeted for increased investment and projected growth include tourism, agriculture, information and communications technology, and shipping. The economy benefits from a growing trade surplus with the US. The US is Trinidad and Tobago's leading trade partner. The previous MANNING administration benefited from fiscal surpluses fueled by the dynamic export sector; however, declines in oil and gas prices have reduced government revenues, challenging the current government's commitment to maintaining high levels of public investment. Crime and bureaucratic hurdles continue to be the biggest deterrents for attracting more foreign direct investment and business.

GDP (purchasing power parity):
$26.35 billion (2012 est.)
country comparison to the world: 118

$26.3 billion (2011 est.)
$27 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$25.4 billion (2012 est.)

GDP - real growth rate:
0.2% (2012 est.)
country comparison to the world: 177

-2.6% (2011 est.)
0.2% (2010 est.)

GDP - per capita (PPP):
$19,800 (2012 est.)
country comparison to the world: 70

$19,900 (2011 est.)
$20,500 (2010 est.)
note: data are in 2012 US dollars

Gross national saving:
20% of GDP (2012 est.)
country comparison to the world: 73

28.1% of GDP (2011 est.)
37.1% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 55.5%
government consumption: 16.3%
investment in fixed capital: 14.9%
investment in inventories: 1.3%
exports of goods and services: 92.4%
imports of goods and services: -80.3%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.3%
industry: 57.8%
services: 41.9% (2012 est.)

Agriculture - products:
cocoa, rice, citrus, coffee, vegetables; poultry; sugar

Industries:
petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles

Industrial production growth rate:
-0.5% (2012 est.)
country comparison to the world: 140

Labor force:
618,200 (2012 est.)
country comparison to the world: 156

Labor force - by occupation:
agriculture: 3.8%
manufacturing, mining, and quarrying: 12.8%
construction and utilities: 20.4%
services: 62.9% (2007 est.)

Unemployment rate:
5.6% (2012 est.)
country comparison to the world: 56

5.5% (2011 est.)

Population below poverty line:
17% (2007 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $7.654 billion
expenditures: $7.933 billion (2012 est.)

Taxes and other revenues:
30.1% of GDP (2012 est.)
country comparison to the world: 95

Budget surplus (+) or deficit (-):
-1.1% of GDP (2012 est.)
country comparison to the world: 66

Public debt:
37.9% of GDP (2012 est.)
country comparison to the world: 95

39.7% of GDP (2011 est.)

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
9.2% (2012 est.)
country comparison to the world: 193

5.1% (2011 est.)

Central bank discount rate:
4.25% (31 December 2010 est.)
country comparison to the world: 36

7.25% (31 December 2009 est.)

Commercial bank prime lending rate:
7.7% (31 December 2012 est.)
country comparison to the world: 117

7.97% (31 December 2011 est.)

Stock of narrow money:
$6.221 billion (31 December 2012 est.)
country comparison to the world: 91

$5.594 billion (31 December 2011 est.)

Stock of broad money:
$17.28 billion (31 December 2012 est.)
country comparison to the world: 90

$15.46 billion (31 December 2011 est.)

Stock of domestic credit:
$6.059 billion (31 December 2012 est.)
country comparison to the world: 110

$5.731 billion (31 December 2011 est.)

Market value of publicly traded shares:
$14.73 billion (31 December 2011)
country comparison to the world: 69

$12.16 billion (31 December 2010)
$11.15 billion (31 December 2009)

Current account balance:
$959 million (2012 est.)
country comparison to the world: 44

$2.899 billion (2011 est.)

Exports:
$12.98 billion (2012 est.)
country comparison to the world: 83

$14.91 billion (2011 est.)

Exports - commodities:
petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, cereal and cereal products, sugar, cocoa, coffee, citrus fruit, vegetables, flowers

Exports - partners:
US 42.1%, Chile 7.1%, Argentina 6.5%, Spain 4.5% (2012)

Imports:
$9.065 billion (2012 est.)
country comparison to the world: 101

$9.478 billion (2011 est.)

Imports - commodities:
mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals

Imports - partners:
US 33.1%, Brazil 8.1%, Colombia 7.7%, Gabon 5.5%, Canada 4.4%, China 4.2% (2012)

Reserves of foreign exchange and gold:
$9.897 billion (31 December 2012 est.)
country comparison to the world: 74

$10.5 billion (31 December 2011 est.)

Debt - external:
$4.722 billion (31 December 2012 est.)
country comparison to the world: 121

$4.738 billion (31 December 2011 est.)

Stock of direct foreign investment - at home:
$102 billion (31 December 2008 est.)
country comparison to the world: 41

$12.44 billion (2007)

Stock of direct foreign investment - abroad:
$3.829 billion (2007)
country comparison to the world: 66

Exchange rates:
Trinidad and Tobago dollars (TTD) per US dollar -

6.3907 (2012 est.)
6.4094 (2011 est.)
6.3755 (2010 est.)
6.3099 (2009)
6.2896 (2008)


NOTE: The information regarding Trinidad and Tobago on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Trinidad and Tobago Economy 2014 information contained here. All suggestions for corrections of any errors about Trinidad and Tobago Economy 2014 should be addressed to the CIA.



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