| 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, GDP has slowed down since then and contracted about 3.5% in 2009, before rising more than 2% in 2011. 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 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. 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 previous MANNING administration benefited from fiscal surpluses fueled by the dynamic export sector; however, declines in oil and gas prices have reduced government revenues which will challenge the new government's commitment to maintaining high levels of public investment. |
GDP (purchasing power parity):
|
$26.83 billion (2011 est.)
$26.52 billion (2010 est.)
$26.72 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$20,300 (2011 est.)
$20,100 (2010 est.)
$20,400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$22.1 billion (2011 est.) |
GDP - real growth rate:
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1.1% (2011 est.)
-0.6% (2010 est.)
-3.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 0.4%
industry: 58.9%
services: 40.7% (2011 est.) |
Investment (gross fixed):
|
11.9% of GDP (2011 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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5.2% (2011 est.)
10.5% (2010 est.) |
Central bank discount rate:
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4.25% (31 December 2010 est.)
7.25% (31 December 2009 est.) |
Commercial bank prime lending rate:
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9.2% (31 December 2011 est.)
9.3% (31 December 2010 est.) |
Stock of money:
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$3.047 billion (31 December 2008)
$2.646 billion (31 December 2007) |
Stock of money - per capita:
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2,483 USD per capita |
Stock of quasi money:
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$6.795 billion (31 December 2008)
$5.707 billion (31 December 2007) |
Stock of quasi money - per capita:
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5,536 USD per capita |
Stock of domestic credit:
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$6.097 billion (31 December 2011 est.)
$5.75 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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4,967 USD per capita |
Stock of narrow money:
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$5.058 billion (31 December 2011 est.)
$4.577 billion (31 December 2010 est.) |
Stock of broad money:
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$15.79 billion (31 December 2011 est.)
$13.94 billion (31 December 2010 est.) |
Labor force:
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636,800 (2011 est.) |
Labor force participation rate:
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51.88 % 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:
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6.2% (2011 est.)
6.4% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 10.5%
male: 8.8%
female: 12.9% (2008) |
Budget:
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revenues: $7.548 billion
expenditures: $8.126 billion (2011 est.) |
Budget revenues per capita:
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6,150 USD per capita |
Taxes and other revenues:
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34.2% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.6% of GDP (2011 est.) |
Public debt:
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31.7% of GDP (2011 est.)
29.8% of GDP (2010 est.) |
Industries:
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petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles |
Industrial production growth rate:
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2.1% (2011 est.) |
Electricity - production:
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7.419 billion kWh (2008 est.) |
Electricity - production per capita:
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6,044 kWh per capita |
Electricity - consumption:
|
7.246 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
5,904 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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144,900 bbl/day (2010 est.) |
Oil - production per capita:
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118,045 bbl/day per capita |
Oil - consumption:
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41,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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12.19 bbl/year per capita |
Oil - exports:
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242,600 bbl/day (2009 est.) |
Oil - imports:
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95,240 bbl/day (2009 est.) |
Oil - proved reserves:
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728.3 million bbl (1 January 2011 est.) |
Natural gas - production:
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42.38 billion cu m (2010 est.) |
Natural gas - production per capita:
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34,526 cu m per capita |
Natural gas - consumption:
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21.97 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
|
17,899 cu m per capita |
Natural gas - exports:
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20.41 billion cu m (2010 est.) |
Natural gas - imports:
|
0 cu m (2010 est.) |
Natural gas - proved reserves:
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408.2 billion cu m (1 January 2011 est.) |
Agriculture - products:
|
cocoa, rice, citrus, coffee, vegetables; poultry |
Current account balance:
|
$5.803 billion (2011 est.)
$3.943 billion (2010 est.) |
Current account balance - per capita:
|
4,728 USD per capita |
Exports:
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$16.92 billion (2011 est.)
$12.72 billion (2010 est.) |
Exports per capita:
|
13,785 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 44.2%, Spain 6.1%, Jamaica 5.1% (2010) |
Imports:
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$10.47 billion (2011 est.)
$8.187 billion (2010 est.) |
Imports per capita:
|
8,530 USD per capita |
Imports - commodities:
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mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals |
Imports - partners:
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US 27.8%, Russia 11.5%, Brazil 7.8%, Colombia 6.9%, Gabon 4.3%, China 4.2%, Canada 4.2% (2010) |
Reserves of foreign exchange and gold:
|
$9.876 billion (31 December 2011 est.)
$9.659 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
8,046 USD per capita |
Debt - external:
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$4.746 billion (31 December 2011 est.)
$4.289 billion (31 December 2010 est.) |
Debt - external - per capita:
|
3,867 USD per capita |
Stock of direct foreign investment - at home:
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$102 billion (31 December 2008 est.)
$12.44 billion (2007) |
Stock of direct foreign investment - at home - per capita:
|
83,096 USD per capita |
Stock of direct foreign investment - abroad:
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$3.829 billion (2007) |
Stock of direct foreign investment - abroad - per capita:
|
3,120 USD per capita |
Market value of publicly traded shares:
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$12.16 billion (31 December 2010)
$11.15 billion (31 December 2009)
$12.16 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
9,907 USD per capita |
Currency (code):
|
Trinidad and Tobago dollar (TTD) |
Exchange rates:
|
Trinidad and Tobago dollars (TTD) per US dollar -
6.406 (2011 est.)
6.3609 (2010 est.)
6.3099 (2009)
6.2896 (2008)
6.3275 (2007) |
Fiscal year:
|
1 October - 30 September |
|
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