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Trinidad and Tobago Economy 1996

Overview:

Trinidad and Tobago's petroleum-based economy still enjoys a high per capita income by Latin American standards, even though output and living standards are substantially below the boom years of 1973-82. The country suffers from widespread unemployment, large foreign-debt payments, and periods of low international oil prices. The government has begun to make progress in its efforts to diversify exports and to liberalize its trade regime, making 1994 the first year of substantial growth since the early 1980s.

National product:

GDP - purchasing power parity - $15 billion (1994 est.)

National product real growth rate:

3% (1994 est.)

National product per capita:

$11,280 (1994 est.)

Inflation rate (consumer prices):

10.1% (1994 est.)

Unemployment rate:

18.1% (1994 )

Budget:

revenues:

$1.6 billion

expenditures:

$1.6 billion, including capital expenditures of $158 million (1993 est.)

Exports:

$1.9 billion (f.o.b., 1994)

commodities:

petroleum and petroleum products, chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers

partners:

US 44%, CARICOM 15%, Latin America 9%, EC 5% (1993)

Imports:

$996 million (c.i.f., 1994)

commodities:

machinery, transportation equipment, manufactured goods, food, live animals

partners:

US 43%, Venezuela 10%, UK 8%, other EC 8% (1993)

External debt:

$2 billion (1994)

Industrial production:

growth rate 1% (1994 est.); accounts for 39% of GDP, including petroleum

Electricity:

capacity:

1,150,000 kW

production:

3.9 billion kWh

consumption per capita:

2,740 kWh (1993)

Industries:

petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles

Agriculture:

accounts for 3% of GDP; major crops - cocoa, sugarcane; sugarcane acreage is being shifted into rice, citrus, coffee, vegetables; poultry sector most important source of animal protein; must import large share of food needs

Illicit drugs:

transshipment point for South American drugs destined for the US and Europe and producer of cannabis

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $373 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $518 million

Currency:

1 Trinidad and Tobago dollar (TT$) = 100 cents

Exchange rates:

Trinidad and Tobago dollars (TT$) per US$1 - 5.8758 (January 1995), 5.9160 (1994), 5.3511 (1993), 4.2500 (fixed rate 1989-1992); note - effective 13 April 1993, the exchange rate of the TT dollar is market-determined as opposed to the prior fixed relationship to the US dollar

Fiscal year:

calendar year

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