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Downtown Port of Spain at night
|Currency||Trinidad and Tobago dollar (TTD, TT$)|
|1 October – 30 September|
GDP per capita
GDP per capita rank
GDP by sector
|agriculture: 0.4%; industry: 48.8%; services: 50.8% (2017 est.)|
Population below poverty line
|4% (2007 est.)|
|39.0 (2012 est.)|
|629,400 (2017 est.)|
Labour force by occupation
|agriculture: 3.8%; manufacturing, mining, and quarrying: 12.8%; construction and utilities: 20.40%; services: 62.9% (2007 est.)|
|Unemployment||4.8% (2018 est.)|
|petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles|
|Exports||$11 billion (2015 est.)|
|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|
Main export partners
|Imports||$5.9 billion (2015 est.)|
|mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals|
Main import partners
Gross external debt
|$4.78 billion (31 December 2012 est.)|
|61.6% of GDP (December 2017 est.)|
|Revenues||$6.916 billion (2017 est.)|
|Expenses||$7.838 billion (2017 est.)|
AA (T&C Assessment)
(Standard & Poor's)
|$6.93 billion (October 2019 est.)|
The economy of Trinidad and Tobago is the wealthiest in the Caribbean and the third-richest by GDP (PPP) per capita in the Americas. Trinidad and Tobago is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial,with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.
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) and petrochemicals. Additional petrochemical, aluminium, 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.
Trinidad and Tobago's infrastructure is adequate by regional standards. A major expansion of the Piarco International Airport in Trinidad, the country's main airport, was completed in 2001. There is an extensive network of paved roads, and utilities which are fairly reliable in the cities. Some areas, however, especially rural districts, still suffer from water shortages. The government is addressing this problem with the construction of additional desalinization plants. Infrastructure improvement, especially rural roads and telephone service, drainage, and sewerage, are among the government's budget priorities.
Trinidad and Tobago has a relatively modern, robust and reliable Information and Communications Technology (ICT) infrastructure. Mobile phone service is widespread and has been the major area of growth for several years. Digicel and Laqtel were granted cellular licenses in 2005, breaking the monopoly of the sole provider of mobile telephony services TSTT. However, as of 2015 TSTT and Digicel remain the only mobile providers. Internet connectivity has seen the participation of much more players than mobile telephone with the presence of five (5) broadband service providers/ISPs.
Trinidad and Tobago has been involved in the petroleum sector for over one hundred years. There has been considerable oil and gas production on land and in shallow water, with cumulative production totaling over three billion barrels of oil. Trinidad and Tobago is the largest oil and natural gas producer in the Caribbean. In the 1990s, the hydrocarbon sector moved from producing mainly oil to producing mostly natural gas. According to the EIA, in 2013, proven crude oil reserves were estimated at 728 million barrels, while 3P natural gas reserves were 25.24 trillion cubic feet (Tcf) (Ryder Scott Audit 2012).
Trinidad and Tobago houses one of the largest natural gas processing facilities in the Western Hemisphere. The Phoenix Park Gas Processors Limited (PPGPL) natural gas liquids (NGL) complex is located in the Port of Savonetta. It has a processing capacity of almost 2 billion cubic feet (Bcf) per day and an output capacity of 70,000 barrels per day (bbl/d) of NGL. After processing the gas is then transferred to the various power generators (POWERGEN, TGU, or Trinity Power) for generation of electricity and to the petrochemical plants for use as a feedstock.
The electricity sector is fueled entirely by natural gas. Trinidad Generation Unlimited power plant, the second combined cycle plant in the country, with a generating capacity of 720MW, was opened on 31 October 2013.
With 11 ammonia plants and seven methanol plants, Trinidad and Tobago was the world's largest exporter of ammonia and the second largest exporter of methanol in 2013, according to IHS Global Insight.Overall production and export for ammonia, methanol, urea, and UAN decreased to 428,240 metric monnes (MT) in 2013 from 564,892 MT in 2012.
The Ministry of Energy and Energy Affairs (MEEA) has encouraged investment in projects for "downstream" processing of petrochemicals, such as the manufacture of calcium chloride and dimethyl ether (DME). Such projects are expected to generate more local employment and more growth in local manufacturing than traditional petrochemical processing.
The energy sector accounts for around 45.0% of the country's GDP. The Central Bank predicted real GDP growth in Trinidad and Tobago of 2.6% in 2014, up from 1.6% in 2013, as the country's energy sector recovered from maintenance delays that reduced activity in the third quarter of 2013.
MEEA predicted that production of liquefied natural gas (LNG) would rise by 2.0% to 40.0bcm in 2014, following an estimated 1.5% drop in production in 2013. Production of petrochemicals was also expected to rebound, following an 8.0% drop in output in the third quarter of 2013, as several companies aligned their production schedules with the natural gas shortfall.
In addition the thriving energy sector, the nation controls 0.25%of the world's natural gas with a GDP of twenty billion US dollars (US$20.5b). These factors are quintessential in driving the demand for quality labor, especially in specialized area as it pertains to the energy sector. Such area of specialization are for the first time in history being sought after in this little nation, but requires the expertise of expats to fill. According to former Prime Minister Patrick Manning, the nation is the financial capital of the Caribbean, and being so heavily reliant on the oil and energy sectors, fosters and facilitates an environment of constant demand for specialized jobs. In addition, the Natural Gas sector is for the first time facing competition from countries such as Qatar and the United States. All these factors are stimulating the need to produce local specialists as the demand increases. There are also clear indications that the nation is at the end of an economic downturn and poised for a period of economic boom.
A wealth of jobs would be created in the short run to feed a diversity of economic demands across all sectors of the economy. Finance minister Winston Dookeran unveiled the largest budget (TT$54b) in the history of the nation in October 2011, reiterating the government's resolve to transform the economy, which will boost investor confidence in the nation. This process of transformation will create a hosts of jobs and numerous foreign investor opportunities.The proverbial wheels of the economy are being oiled the economy and other areas of the economy such as the Financial and Manufacturing Sectors will benefit tremendously from the spin offs.
Government ministers have already made plans to facilitate viable tools in assisting with the roll out. Within the past couple years government agencies have begun to utilize recruitment tools such as agencies and job boards.The government has recognized the usefulness in sourcing and outsourcing labor from different areas. Recruitment on the whole in Trinidad and Tobago have experienced huge strides, from the traditional snail mail to company's emails and job boards. Local experts have mentioned that moving forward in such a small area is a big tool to in executing and rolling out macro plans smoothly.
Tourism is another area which it is believed will soon develop rapidly, and an increased demand for jobs.[ citation needed ] The European Union Council on Tourism and Trade (EUCTT) has also awarded the nation as being "The Best Tourist Destination for 2012". Local hotels have already begun to make plans to facilitate an influx of European tourists upon the nation receiving this designation. However, the EUCTT is not affiliated with any part of the European Union's Institutions. Despite concerns over the global economy, international tourism demand continues to show resilience. The number of international tourists worldwide grew by 5% (22 million) between January and June 2012, with Asia and the Pacific (+8%) leading the growth among the regions. Given this growth rate a total of one billion international tourists are expected by the end of 2012. In 2011, the total contribution of World Travel & Tourism to global GDP was USD6,346.1bn (9.1% of GDP). In 2011, the Caribbean region received 20.9 million tourists, a growth of 4.4% over the same period in 2010. The Caribbean is the most dependent region on tourism with Travel and Tourism contributing 13.9% (US$47.1bn) to its economic output. Trinidad and Tobago received an estimated 402,058 visitors in 2011, representing 2% of all Caribbean visitor arrivals. Due to the multifaceted nature of tourism, its economic impact is not confined to any single industry. To adequately measure the economic impact of the tourism sector, the United Nations World Travel and Tourism Council (UNWTO) devised the Tourism Satellite Account (TSA), an extension of the System of National Accounts (SNA). The TSA is a detailed production account of the tourism sector showing its linkages to major industries, total employment, capital formation and additional macro-economic variables.
Most visitors arriving to Trinidad and Tobago on short-term basis in 2014 were from the following countries of nationality:
Recently, the country's economy has been negatively affected by fluctuating oil and gas prices and in an effort to undergo economic transformation through diversification, the government has identified the creative industries, particularly the music, film and fashion sectors, as pivotal to long-term economic sustainability. As such, the Trinidad and Tobago Creative Industries Company Limited (CreativeTT) was established in 2013 to oversee the strategic and business development of the three (3) niche areas of film, fashion and music.
Economic aid – recipient: $200,000 (2007 est.)
Reserves of foreign exchange and gold: $8.095 billion (February 2018 est.)
Currency: 1 Trinidad and Tobago dollar (TT$) = 100 cents
Exchange rates: Trinidad and Tobago dollars (TT$) per US$1 :
6.7283 (2017) 6.6152 (2016) 6.3298 (2015) 6.3613 (2014) 6.3885 (2013) 6.3716 (2012) 6.4200 (2011 est) 6.3337 (2010) 6.3099 (2009) 6.2896 (2008) 6.3275 (2007) 6.3107 (2006) 6.2842 (2005), 6.2990 (2004), 6.2951 (2003), 6.2487 (2002), 6.2332 (2001), 6.2697 (2000), 6.2963 (1999), 6.2983 (1998), 6.2517 (1997), 6.0051 (1996), 5.9478 (1995)
Stock of direct foreign investment – at home: $12.44 billion (2007)
Stock of direct foreign investment – abroad: $1.419 billion (2007)
Market value of publicly traded shares: $15.57 billion (2006)
Fiscal year: 1 October – 30 September
The economy of Azerbaijan has completed its post-Soviet transition into a major oil based economy, from one where the state played the major role. The transition to oil production led to remarkable growth figures as projects came online; reaching 26.4% in 2005 and 34.6% in 2006 before subsiding to 10.8% and 9.3% in 2008 and 2009 respectively. The real GDP growth rate for 2011 was expected at 3.7% but had dropped to 0.1%. Large oil reserves are a major contributor to Azerbaijan's economy. The national currency, the Azerbaijani manat, was stable in 2000, depreciating 3.8% against the dollar. The budget deficit equaled 1.3% of GDP in 2000.
The economy of Croatia is a developing high-income service based economy with the tertiary sector accounting for 60% of total gross domestic product (GDP). After the collapse of socialism, Croatia went through a process of transition to a market-based economy in the 1990s, but its economy suffered badly during the Croatian War of Independence. After the war the economy began to improve, before the financial crisis of 2007–08 the Croatian economy grew at 4-5% annually, incomes doubled, and economic and social opportunities dramatically improved.
The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product. Colombia has experienced a historic economic boom over the last decade. In 1990, Colombia was Latin America's 5th largest economy and had a GDP per capita of only US$1,500, by 2018 it became the 4th largest in Latin America, and the world's 37th largest. As of 2018 the GDP (PPP) per capita has increased to over US$14,000, and GDP (PPP) increased from US$120 billion in 1990 to nearly US$750 billion. Poverty levels were as high as 65% in 1990, but decreased to under 30% by 2014.
The economy of the Dominican Republic is the eighth largest in Latin America, and is the largest in the Caribbean and Central America region. The Dominican Republic is an upper middle-income developing country primarily dependent on mining, agriculture, trade, and services. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine. Although the service sector has recently overtaken agriculture as the leading employer of Dominicans, agriculture remains the most important sector in terms of domestic consumption and is in second place in terms of export earnings. Tourism accounts for more than $1 billion in annual earnings. free-trade zone earnings and tourism are the fastest-growing export sectors. According to a 1999 International Monetary Fund report, remittances from Dominican Americans, are estimated to be about $1.5 billion per year. Most of these funds are used to cover basic household needs such as shelter, food, clothing, health care and education. Secondarily, remittances have financed small businesses and other productive activities.
The economy of Grenada is a largely tourism-based, small and open economy. Over the past two decades, the main thrust of Grenada's economy has shifted from agriculture to services, with tourism serving as the leading foreign currency earning sector. The country's principal export crops are the spices nutmeg and mace. Other crops for export include cocoa, citrus fruits, bananas, cloves, and cinnamon. Manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export.
The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms, but the currency saw a sharp depreciation between 2013 and 2016. It possesses oil reserves as well as minerals and metals. It also has considerable agricultural potential with its vast steppe lands accommodating both livestock and grain production. The mountains in the south are important for apples and walnuts; both species grow wild there. Kazakhstan's industrial sector rests on the extraction and processing of these natural resources.
The economy of Malaysia is the third largest in Southeast Asia, after Indonesia and Thailand, and is the 35th largest economy in the world. Labour productivity in Malaysia is significantly higher than in neighbouring Thailand, Indonesia, Philippines or Vietnam due to a high density of knowledge-based industries and adoption of cutting edge technology for manufacturing and digital economy. According to the Global Competitiveness Report 2018, the Malaysian economy is the 25th most competitive country in the world in the period of 2018–19.
The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity. Nigeria has the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the West African subcontinent. In addition, the debt-to-GDP ratio is 16.075 percent as of 2019.
The economy of Qatar is one of the richest in the world based on GDP per capita, ranking between fifth and seventh on world rankings for 2015 and 2016 data compiled by the World Bank, United Nations, and IMF.
The economy of Seychelles is based on fishing, tourism, processing of coconuts and vanilla, coir rope, boat building, printing, furniture and beverages. Agricultural products include cinnamon, sweet potatoes, cassava (tapioca), bananas, poultry and tuna.
The economy of Albania went through a process of transition from a centralized economy to a market-based economy on the principles of the free market. Albania is an upper-middle-income country and a member of the North Atlantic Treaty Organisation (NATO), World Trade Organization (WTO), Organization for Security and Co-operation in Europe (OSCE), and Organization of the Black Sea Economic Cooperation (BSEC).
The economy of Bolivia is the 95th-largest economy in the world in nominal terms and the 87th-largest economy in terms of purchasing power parity. Bolivia is classified by the World Bank to be a lower middle income country. With a Human Development Index of 0.703, it is ranked 114th.
The Economy of the Caribbean is varied, but depends heavily on natural resources, agriculture and travel and tourism
The Republic of Trinidad and Tobago is the southernmost island country in the Caribbean. Consisting of the main islands Trinidad and Tobago, and numerous much smaller islands, it is situated 130 kilometres south of Grenada and 11 kilometres off the coast of northeastern Venezuela. It shares maritime boundaries with Barbados to the northeast, Grenada to the northwest, Guyana to the southeast, and Venezuela to the south and west.
The economy of Algeria expanded by 4% in 2014, up from 2.8% in 2013. Growth was driven mainly by the recovering oil and gas sector and further economic expansion of 3.9% is forecast in 2015 and 4.0% in 2016.
The economy of Antigua and Barbuda is service-based, with tourism and government services representing the key sources of employment and income. Tourism accounts directly or indirectly for more than half of GDP and is also the principal earner of foreign exchange in Antigua and Barbuda. However, a series of violent hurricanes since 1995 resulted in serious damage to tourist infrastructure and periods of sharp reductions in visitor numbers. In 1999 the budding offshore financial sector was seriously hurt by financial sanctions imposed by the United States and United Kingdom as a result of the loosening of its money-laundering controls. The government has made efforts to comply with international demands in order to get the sanctions lifted. The dual island nation's agricultural production is mainly directed to the domestic market; the sector is constrained by the limited water supply and labor shortages that reflect the pull of higher wages in tourism and construction. Manufacturing comprises enclave-type assembly for export with major products being bedding, handicrafts, and electronic components. Prospects for economic growth in the medium term will continue to depend on income growth in the industrialized world, especially in the US, which accounts for about one-third of all tourist arrivals. Estimated overall economic growth for 2000 was 2.5%. Inflation has trended down going from above 2 percent in the 1995-99 period and estimated at 0 percent in 2000.
The economy of Belize is a small, essentially private enterprise economy that is based primarily on agriculture, tourism, and services. The cultivation of newly discovered oil in the town of Spanish Lookout has presented new prospects and problems for this developing nation. Belize's primary exports are citrus, sugar, and bananas. Belize's trade deficit has been growing, mostly as a result of low export prices for sugar and bananas.
The nation of Trinidad and Tobago has been the leading supporter of the Caribbean Community (CARICOM). Trinidad and Tobago was one of the four members in 1973 which then along with Barbados, Guyana and Antigua and Barbuda moved to establish the organisation that today it known as the Caribbean Community and Common Market. The new organisation because a successor to the Caribbean Free Trade Association (CARIFTA) by the Treaty of Chaguaramas, of which Trinidad and Tobago was a leading member and also a founding member.