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Trinidad and Tobago Economy 2017
http://www.theodora.com/wfbcurrent/trinidad_and_tobago/trinidad_and_tobago_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Trinidad and Tobago Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Trinidad and Tobago attracts considerable foreign direct investment from international businesses, particularly in energy, and has one of the highest per capita incomes in Latin America. Economic growth between 2000 and 2007 averaged slightly over 8% per year, significantly above the regional average of about 3.7% for that same period; however, GDP has slowed down since then, contracting during 2009-2012, making small gains in 2013 and contracting again in 2014-2015.Energy production and downstream industrial use dominate the economy. Trinidad and Tobago produces about nine times more natural gas than crude oil on an energy equivalent basis with gas contributing about two-thirds of energy sector government revenue. Oil and gas account for about 40% of GDP and 80% of exports but less than 5% of employment. In 2013, Trinidad and Tobago was the world’s sixth-largest liquefied natural gas (LNG) exporter and is home to one of the largest natural gas liquefaction facilities in the Western Hemisphere. The United States is the country’s largest trading partner, accounting for 33% of its total imports and taking 44% of its exports.Trinidad and Tobago is buffered by considerable foreign reserves and a sovereign wealth fund that equals about one-and-a-half times the national budget, but the country is in a recession and the government faces the dual challenge of gas shortages and a low price environment. A projected 70% decrease in energy revenue to the government in 2016 will likely force cuts to the government budget, which has increased by 35% over the past six years.Economic diversification is a longstanding government talking point, and Trinidad and Tobago has much potential due to its stable, democratic government and its educated, English speaking workforce. 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 has targeted for increased investment and projected growth include tourism, agriculture, information and communications technology, and shipping. Unfortunately, a host of other factors, including low labor productivity, inefficient government bureaucracy, and corruption, have hampered economic development.

GDP (purchasing power parity):
$43.57 billion (2016 est.) $44.8 billion (2015 est.) $45.78 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 111
[see also: GDP country ranks ]

GDP (official exchange rate):
$22.81 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.8% (2016 est.) -2.1% (2015 est.) -1% (2014 est.)
country comparison to the world: 212
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$31,900 (2016 est.) $33,000 (2015 est.) $33,900 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 60
[see also: GDP - per capita country ranks ]

Gross national saving:
4.8% of GDP (2016 est.) 8% of GDP (2015 est.) 18.1% of GDP (2014 est.)
country comparison to the world: 167
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 11.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 47.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -37.1% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 85.6% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cocoa, dasheen, pumpkin, cassava, tomatoes, cucumbers, eggplant, hot pepper, pommecythere, coconut water, poultry

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

Industrial production growth rate:
-5% (2016 est.)
country comparison to the world: 194
[see also: Industrial production growth rate country ranks ]

Labor force:
629,700 (2016 est.)
country comparison to the world: 155
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.6%
[see also: Labor force - by occupation - agriculture country ranks ]
manufacturing, mining, and quarrying: 11.2%
construction and utilities: 85.2%
services: 62.9% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4% (2016 est.) 3.5% (2015 est.)
country comparison to the world: 36
[see also: Unemployment rate country ranks ]

Population below poverty line:
17% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $7.311 billion
[see also: Budget revenues country ranks ]
expenditures: $9.369 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
32.1% of GDP (2016 est.)
country comparison to the world: 69
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-9% of GDP (2016 est.)
country comparison to the world: 198
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
51.2% of GDP (2016 est.) 49.1% of GDP (2015 est.)
country comparison to the world: 85
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
3.7% (2016 est.) 4.7% (2015 est.)
country comparison to the world: 153
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.75% (04 March 2016 est.) 6.75% (31 December 2015 est.)
country comparison to the world: 50
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.5% (31 December 2016 est.) 8.2% (31 December 2015 est.)
country comparison to the world: 101
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.805 billion (31 December 2016 est.) $7.241 billion (31 December 2015 est.)
country comparison to the world: 90
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$16.81 billion (31 December 2016 est.) $16.76 billion (31 December 2015 est.)
country comparison to the world: 95
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.662 billion (31 December 2016 est.) $9.217 billion (31 December 2015 est.)
country comparison to the world: 108
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$177.4 million (31 December 2015 est.) $171.6 million (31 December 2014 est.) $170 million (31 December 2013 est.)
country comparison to the world: 117
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.975 billion (2016 est.) -$1.329 billion (2015 est.)
country comparison to the world: 148
[see also: Current account balance country ranks ]

Exports:
$7.264 billion (2016 est.) $8.166 billion (2015 est.)
country comparison to the world: 98
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, cereal and cereal products, cocoa, fish, preserved fruits, , cosmetics, household cleaners, plastic packaging

Exports - partners:
US 26.3%, Argentina 12%, Brazil 6.6%, Chile 5.3%, Dominican Republic 5.2%, Barbados 5% (2015)

Imports:
$7.398 billion (2016 est.) $7.9 billion (2015 est.)
country comparison to the world: 107
[see also: Imports country ranks ]

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

Imports - partners:
US 35.6%, China 6.8%, Gabon 6.6% (2015)

Reserves of foreign exchange and gold:
$9.394 billion (31 December 2016 est.) $10.38 billion (31 December 2015 est.)
country comparison to the world: 75
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.917 billion (31 December 2016 est.) $6.826 billion (31 December 2015 est.)
country comparison to the world: 117
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$382.9 million (31 December 2014 est.) $311.7 million (2014 est.)
country comparison to the world: 118
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.266 billion (2014 est.)
country comparison to the world: 82
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Trinidad and Tobago dollars (TTD) per US dollar - 6.709 (2016 est.) 6.3756 (2015 est.) 6.4041 (2014 est.) 6.4041 (2013 est.) 6.39 (2012 est.)


NOTE: The information regarding Trinidad and Tobago on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Trinidad and Tobago Economy 2017 information contained here. All suggestions for corrections of any errors about Trinidad and Tobago Economy 2017 should be addressed to the CIA.




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