This article was imported from the CIA's World Factbook . |
Currency | Trinidad and Tobago dollar (TTD, TT$) |
---|---|
1 October – 30 September | |
Trade organisations | WTO, CARICOM |
Country group | |
Statistics | |
Population | 1,367,558 (2021) [3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector | agriculture: 0.4%; industry: 48.8%; services: 50.8% (2017 est.) |
4.5% (June 2022) [5] | |
Population below poverty line | 4% (2007 est.) |
39.0 (2012 est.) | |
Labour force | 589,100 (Q3 2020) [8] |
Labour force by occupation | agriculture: 3.8%; manufacturing, mining, and quarrying: 12.8%; construction and utilities: 20.40%; services: 62.9% (2007 est.) |
Unemployment | 6.1% (Q3 2020) [8] |
Main industries | petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles |
External | |
Exports | $11 billion (2015 est.) |
Export goods | 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 | United States(+) 37% Brazil(+) 8.2% Argentina(+) 8.0% Chile(+) 7.2% Peru(+) 4.5% (2015 est.) [9] |
Imports | $5.9 billion (2015 est.) |
Import goods | mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals |
Main import partners | United States(+) 38% China(-) 8.2% Singapore(+) 4.6% (2015 est.) [10] |
Gross external debt | $32.06 billion (2021) [11] |
Public finances | |
92.1% of GDP (Jun 2021 est.) [12] | |
Revenues | TT$43.33 billion (2022 est.) |
Expenses | TT$52.43 billion (2022 est.) [13] |
$6.75 billion (Jan 2022 est.) [16] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Trinidad and Tobago is the third wealthiest in the Caribbean and the fifth-richest by GDP (PPP) per capita in the Americas. [17] 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, [18] with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas. [19] [20]
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 largest Caribbean producer of natural gas in CARICOM and the second largest producer of oil after Guyana, and its economy is heavily dependent upon these resources. 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 are reliable, extensive networks of paved roads, sewage pipes, and power utilities in the urban centers. Some rural areas still suffer from water shortages. The government is addressing this problem with the construction of additional desalinization plants. Improvements in transport, telephone service, drainage, and sewerage, especially in rural areas, are among the government's budget priorities.
Trinidad and Tobago has relatively modern, robust and reliable Information and Communications Technology (ICT) infrastructure. Mobile phone service is widespread and has been a growing sector for several years. Digicel and Laqtel were granted cellular licenses in 2005, breaking the monopoly of TSTT. However, as of 2015 TSTT and Digicel remain the only mobile providers. There are five 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. [21] 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. [22]
In addition the thriving energy sector, the nation controls 0.25% [23] of the world's natural gas with a GDP of twenty billion US dollars (US$20.5b). [24] 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 specialisation 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, [25] 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. [26] 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. [27] 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. [28] However, the EUCTT is not affiliated with any part of the European Union's Institutions. [29] 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 US$6,346.1bn (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. [30]
Most visitors arriving to Trinidad and Tobago on short-term basis in 2014 were from the following countries of nationality: [31]
Rank | Country | Number |
---|---|---|
1 | United States | 161,539 |
2 | Canada | 54,877 |
3 | United Kingdom | 37,473 |
4 | Guyana | 23,061 |
5 | Venezuela | 21,052 |
6 | Barbados | 11,629 |
7 | Grenada | 6,922 |
8 | Germany | 5,154 |
9 | India | 3,291 |
Total | 324,998 |
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 niche areas of film, fashion and music. [32]
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 is highly dependent on oil and gas exports, in particular since the completion of the Baku-Tbilisi-Ceyhan Pipeline. The transition to oil production in the late 1990s led to rapid economic growth over the period 1995–2014. Since 2014, GDP growth has slowed down substantially.
The economy of Canada is a highly developed mixed economy, with the world's ninth-largest economy as of 2024, and a nominal GDP of approximately US$2.117 trillion. Canada is one of the world's largest trading nations, with a highly globalized economy. In 2021, Canadian trade in goods and services reached $2.016 trillion. Canada's exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States. In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion. The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.
The economy of Cambodia currently follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a gross domestic product (GDP) of $28.54 billion in 2022. Per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodia's two largest industries are textiles and tourism, while agricultural activities remain the main source of income for many Cambodians living in rural areas. The service sector is heavily concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore.
The economy of Croatia is a developed mixed economy. It is one of the largest economies in Southeast Europe by nominal gross domestic product (GDP). It is an open economy with accommodative foreign policy, highly dependent on international trade in Europe. Within Croatia, economic development varies among its counties, with strongest growth in Central Croatia and its financial centre, Zagreb. It has a very high level of human development, low levels of income inequality, and a high quality of life. Croatia's labor market has been perennially inefficient, with inconsistent business standards as well as ineffective corporate and income tax policy.
The economy of Cuba is a planned economy dominated by state-run enterprises. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution. Foreign direct investment in various Cuban economic sectors increased before 2018. As of 2021, Cuba's private sector is allowed to operate in most sectors of the economy. As of 2023, public-sector employment was 65%, and private-sector employment was 35%, compared to the 2000 ratio of 76% to 23% and the 1981 ratio of 91% to 8%. Investment is restricted and requires approval by the government. In 2021, Cuba ranked 83rd out of 191 on the Human Development Index in the high human development category. As of 2012, the country's public debt comprised 35.3% of GDP, inflation (CDP) was 5.5%, and GDP growth was 3%. Housing and transportation costs are low. Cubans receive government-subsidized education, healthcare, and food subsidies.
The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product and the third-largest economy in South America. Colombia has experienced a historic economic boom over the last decade. Throughout most of the 20th century, Colombia was Latin America's 4th and 3rd largest economy when measured by nominal GDP, real GDP, GDP (PPP), and real GDP at chained PPPs. Between 2012 and 2014, it became the third largest in Latin America by nominal GDP. As of 2024, the GDP (PPP) per capita has increased to over US$19,000, and real gross domestic product at chained PPPs increased from US$250 billion in 1990 to nearly US$800 billion. Poverty levels were as high as 65% in 1990, but decreased to under 30% by 2014, and 27% by 2018. They decreased by an average of 1.35% per year since 1990.
The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine. Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of US$20,000, total revenue of US$1.5 billion, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing US$8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.
The economy of Grenada is 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.
Haiti has a free market economy with low labor costs. A republic, it was a French colony before gaining independence in an uprising by its enslaved people. It faced embargoes and isolation after its independence as well as political crises punctuated by foreign interventions and devastating natural disasters. Haiti's estimated population in 2018 was 11,439,646. The Economist reported in 2010: "Long known as the poorest country in the Western hemisphere, Haiti has stumbled from one crisis to another since the Duvalier years."
The economy of Jordan is classified as a lower middle income economy. Jordan's GDP per capita rose by 351% in the 1970s, declined 30% in the 1980s, and rose 36% in the 1990s. After King Abdullah II's accession to the throne in 1999, liberal economic policies were introduced. Jordan's economy had been growing at an annual rate of 8% between 1999 and 2008. However, growth has slowed to 2% after the Arab Spring in 2011. The substantial increase of the population, coupled with slowed economic growth and rising public debt led to a worsening of poverty and unemployment in the country. As of 2023, Jordan has a GDP of US$50.85 billion, ranking it 89th worldwide.
The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms. As of 2023, Kazakhstan attracted more than US$370 billion of foreign investments since becoming an independent republic after the dissolution of the former Soviet Union.
The economy of Malaysia is an emerging and developing, upper-middle income, highly industrialised, mixed economy. It ranks the 36th largest in the world in terms of nominal GDP, however, when measured by purchasing power parity, its GDP climbs to the 30th largest. Malaysia is forecasted to have a nominal GDP of nearly half a trillion US$ by the end of 2024. The labour productivity of Malaysian workers is the third highest in ASEAN and significantly higher than Indonesia, Vietnam, and the Philippines.
The economy of Morocco is considered relatively liberal, governed by the law of supply and demand. Since 1993, in line with many Western world changes, Morocco has followed a policy of privatisation. Morocco has become a major player in African economic affairs, and is the 6th largest African economy by GDP (PPP). The World Economic Forum placed Morocco as the most competitive economy in North Africa, in its African Competitiveness Report 2014–2015.
The economy of Qatar is one of the highest in the world based on GDP per capita, ranking generally among the top ten richest countries on world rankings for 2015 and 2016 data compiled by the World Bank, the United Nations, and the International Monetary Fund (IMF). The country's economy has grown despite sanctions by its neighbors, Saudi Arabia and the United Arab Emirates. Mainly because the country exports primarily to Japan, South Korea, India and China, making the sanctions effectively redundant as neither Saudi Arabia nor the United Arab Emirates have imposed trading penalties such as tariffs or embargoes on any of these countries for trading with Qatar, or offering incentives such as discounts for their own energy exports to reduce Qatari exports.
The United Arab Emirates is a high-income developing market economy. The UAE's economy is the 4th largest in the Middle East, with a gross domestic product (GDP) of US$415 billion in 2021-2023.
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.
The economy of Bolivia is the 95th-largest in the world in nominal terms and the 87th-largest in 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. Driven largely by its natural resources, Bolivia has become a region leader in measures of economic growth, fiscal stability and foreign reserves, although it remains a historically poor country. The Bolivian economy has had a historic single-commodity focus. From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification. Political instability and difficult topography have constrained efforts to modernize the agricultural sector. Similarly, relatively low population growth coupled with low life expectancy has kept the labor supply in flux and prevented industries from flourishing. Rampant inflation and corruption previously created development challenges, but in the early twenty-first century the fundamentals of its economy showed unexpected improvement, leading Moody's Investors Service to upgrade Bolivia's economic rating in 2010 from B2 to B1. The mining industry, especially the extraction of natural gas and zinc, currently dominates Bolivia's export economy.
The 'Economy of the Caribbean' is varied, but depends heavily on natural resources, agriculture and travel and tourism.
The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.
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.
{{cite web}}
: |author=
has generic name (help)