| Economy | 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. Economic growth between 2000 and 2007 averaged slightly over 8%, significantly above the regional average of about 3.7% for that same period; however, it has slowed down since then and contracted about 2.7% in 2009. 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 as important domestically as it is to many other Caribbean islands. The economy benefits from a growing trade surplus. The MANNING administration has benefited from fiscal surpluses fueled by the dynamic export sector; however, declines in oil and gas prices have reduced government revenues which will challenge his government's commitment to maintaining high levels of public investment. |
GDP (purchasing power parity):
|
$28.65 billion (2009 est.)
$29.44 billion (2008 est.)
$28.45 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$23,300 (2009 est.)
$23,900 (2008 est.)
$23,100 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$23 billion (2009 est.) |
GDP - real growth rate:
|
-2.7% (2009 est.)
3.5% (2008 est.)
5.5% (2007 est.) |
GDP - composition by sector:
|
agriculture: 0.5%
industry: 59.6%
services: 39.9% (2009 est.) |
Investment (gross fixed):
|
11% of GDP (2009 est.) |
Population below poverty line:
|
17% (2007 est.) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
7.6% (2009 est.)
12% (2008 est.) |
Central bank discount rate:
|
10.75% (31 December 2008)
10% (31 December 2007) |
Commercial bank prime lending rate:
|
12.44% (31 December 2008)
11.75% (31 December 2007) |
Stock of money:
|
$2.39 billion (31 December 2008)
$2.646 billion (31 December 2007) |
Stock of money - per capita:
|
1,944 USD per capita |
Stock of quasi money:
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$3.506 billion (31 December 2008)
$5.707 billion (31 December 2007) |
Stock of quasi money - per capita:
|
2,851 USD per capita |
Stock of domestic credit:
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$3.423 billion (31 December 2008)
$3.73 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
2,784 USD per capita |
Labor force:
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629,000 (2009 est.) |
Labor force participation rate:
|
51.14 % of population |
Labor force - by occupation:
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agriculture 3.8%, manufacturing, mining, and quarrying 12.8%, construction and utilities 20.4%, services 62.9% (2007 est.) |
Unemployment rate:
|
7.5% (2009 est.)
4.6% (2008 est.) |
Budget:
|
revenues: $6.176 billion
expenditures: $7.415 billion (2009 est.) |
Budget revenues per capita:
|
5,022 USD per capita |
Public debt:
|
26.7% of GDP (2009 est.)
26.6% of GDP (2008 est.) |
Industries:
|
petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles |
Industrial production growth rate:
|
-3.5% (2009 est.) |
Electricity - production:
|
7.202 billion kWh (2007 est.) |
Electricity - production per capita:
|
5,856 kWh per capita |
Electricity - consumption:
|
7.034 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
5,719 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
163,300 bbl/day (2008 est.) |
Oil - production per capita:
|
132,770 bbl/day per capita |
Oil - consumption:
|
41,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
12.17 bbl/year per capita |
Oil - exports:
|
248,300 bbl/day (2007 est.) |
Oil - imports:
|
92,480 bbl/day (2007 est.) |
Oil - proved reserves:
|
728.3 million bbl (1 January 2009 est.) |
Natural gas - production:
|
39.3 billion cu m (2008 est.) |
Natural gas - production per capita:
|
31,953 cu m per capita |
Natural gas - consumption:
|
21.94 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
|
17,839 cu m per capita |
Natural gas - exports:
|
17.36 billion cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
531.5 billion cu m (1 January 2009 est.) |
Agriculture - products:
|
cocoa, rice, citrus, coffee, vegetables; poultry |
Current account balance:
|
$2.46 billion (2009 est.)
$5.401 billion (2008 est.) |
Current account balance - per capita:
|
2,001 USD per capita |
Exports:
|
$10.64 billion (2009 est.)
$15.85 billion (2008 est.) |
Exports per capita:
|
8,651 USD per capita |
Exports - commodities:
|
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:
|
US 44.5%, Spain 7.8%, Jamaica 6.9%, Netherlands 6.9%, Mexico 4.9% (2008) |
Imports:
|
$7.449 billion (2009 est.)
$9.788 billion (2008 est.) |
Imports per capita:
|
6,057 USD per capita |
Imports - commodities:
|
mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals |
Imports - partners:
|
US 26.8%, Brazil 9.8%, Venezuela 7.9%, Colombia 6.2%, China 4.1%, Gabon 4% (2008) |
Reserves of foreign exchange and gold:
|
$7.506 billion (31 December 2009 est.)
$9.496 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
6,103 USD per capita |
Debt - external:
|
$2.079 billion (31 December 2009 est.)
$3.289 billion (31 December 2008 est.) |
Debt - external - per capita:
|
1,691 USD per capita |
Stock of direct foreign investment - at home:
|
$102 billion (31 December 2008 est.)
$12.44 billion (2007) |
Stock of direct foreign investment - at home - per capita:
|
82,930 USD per capita |
Stock of direct foreign investment - abroad:
|
$3.829 billion (2007 est.) |
Stock of direct foreign investment - abroad - per capita:
|
3,114 USD per capita |
Market value of publicly traded shares:
|
$12.16 billion (31 December 2008)
$15.61 billion (31 December 2007)
$15.57 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
9,887 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$200,000 |
Economic aid - recipient per capita:
|
1 USD per capita |
Currency (code):
|
Trinidad and Tobago dollar (TTD) |
Exchange rates:
|
Trinidad and Tobago dollars (TTD) per US dollar - 6.2993 (2009), 6.2896 (2008), 6.3275 (2007), 6.3107 (2006), 6.2842 (2005) |
Fiscal year:
|
1 October - 30 September |
|
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