| People | Trinidad and Tobago |
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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. Recent growth has been fueled by investments in liquefied natural gas (LNG), petrochemicals, and steel. Additional petrochemical, aluminum, and plastics projects are in various stages of planning. 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 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. The country is also a regional financial center, and tourism is a growing sector, although it is not proportionately as important as in many other Caribbean islands. The economy benefits from a growing trade surplus. Economic growth reached 12.6% in 2006 and 5.5% in 2007 as prices for oil, petrochemicals, and LNG remained high, and as foreign direct investment continued to grow to support expanded capacity in the energy sector. |
GDP (purchasing power parity):
|
$23.79 billion (2007 est.) |
GDP (official exchange rate):
|
$20.7 billion (2007 est.) |
GDP - real growth rate:
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5.5% (2007 est.) |
GDP - per capita (PPP):
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$18,300 (2007 est.) |
GDP - composition by sector:
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agriculture: 0.6%
industry: 61.9%
services: 37.5% (2007 est.) |
Investment (gross fixed):
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23.5% of GDP (2007 est.) |
Population below poverty line:
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17% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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7.9% (2007 est.) |
Labor force:
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615,000 (2007 est.) |
Labor force participation rate:
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58.72 % of population |
Labor force - by occupation:
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agriculture 4%, manufacturing, mining, and quarrying 12.9%, construction and utilities 17.5%, services 65.6% (2006 est.) |
Unemployment rate:
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6.5% (2007 est.) |
Budget:
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revenues: $6.415 billion
expenditures: $6.214 billion (2007 est.) |
Budget revenues per capita:
|
6,125 USD per capita |
Public debt:
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26.6% of GDP (2007 est.) |
Industries:
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petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles |
Industrial production growth rate:
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8% (2007 est.) |
Electricity - production:
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7.704 billion kWh (2007) |
Electricity - production per capita:
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7,356 kWh per capita |
Electricity - consumption:
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7.083 billion kWh (2007) |
Electricity - consumption - per capita:
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6,763 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
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120,000 bbl/day (2007 est.) |
Oil - production per capita:
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114,574 bbl/day per capita |
Oil - consumption:
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24,770 bbl/day (2007 est.) |
Oil - consumption - per capita:
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8.63 bbl/year per capita |
Oil - exports:
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202,100 bbl/day (2004) |
Oil - imports:
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91,780 bbl/day (2004) |
Oil - proved reserves:
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605.8 million bbl (1 January 2007 est.) |
Natural gas - production:
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39.92 billion cu m (2007 est.) |
Natural gas - production per capita:
|
38,115 cu m per capita |
Natural gas - consumption:
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37.29 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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35,604 cu m per capita |
Natural gas - exports:
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21.03 billion cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007) |
Natural gas - proved reserves:
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702.8 billion cu m (1 January 2007 est.) |
Agriculture - products:
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cocoa, rice, citrus, coffee, vegetables; poultry |
Current account balance:
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$4.171 billion (2007 est.) |
Current account balance - per capita:
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3,983 USD per capita |
Exports:
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$12.02 billion f.o.b. (2007 est.) |
Exports per capita:
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11,477 USD per capita |
Exports - commodities:
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petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, cereal and cereal products, sugar, cocoa, coffee, citrus fruit, vegetables, flowers |
Exports - partners:
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US 58%, Jamaica 5.9%, Spain 4% (2006) |
Imports:
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$7.485 billion f.o.b. (2007 est.) |
Imports per capita:
|
7,147 USD per capita |
Imports - commodities:
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mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, live animals, grain |
Imports - partners:
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US 28.3%, Brazil 12.5%, Venezuela 6.9%, Gabon 5%, Colombia 4.8%, China 4.2% (2006) |
Reserves of foreign exchange and gold:
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$6.761 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
6,456 USD per capita |
Debt - external:
|
$2.826 billion (31 December 2007 est.) |
Debt - external - per capita:
|
2,699 USD per capita |
Stock of direct foreign investment - at home:
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$12.44 billion (2007) |
Stock of direct foreign investment - abroad:
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$1.419 billion (2007) |
Market value of publicly traded shares:
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$15.57 billion (2006) |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$200,000 (2007 est.) |
Economic aid - recipient per capita:
|
1 USD per capita |
Currency (code):
|
Trinidad and Tobago dollar (TTD) |
Exchange rates:
|
Trinidad and Tobago dollars per US dollar - 6.3275 (2007), 6.3107 (2006), 6.2842 (2005), 6.299 (2004), 6.2951 (2003) |
Fiscal year:
|
1 October - 30 September |
|
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