Trinidad and Tobago Economy Profile 2008

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)

$22.93 billion (2007 est.)

GDP (official exchange rate)

$14.15 billion (2007 est.)

GDP - real growth rate

5.5% (2007 est.)

GDP - per capita (PPP)

$21,700 (2007 est.)

GDP - composition by sector

agriculture: 0.6%
industry: 62%
services: 37.4% (2007 est.)

Population below poverty line

17% (2007 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

7.6% (2007 est.)

Investment (gross fixed)

23.5% of GDP (2007 est.)

Labor force

615,400 (2007 est.)

Labor force - by occupation

agriculture 4%, manufacturing, mining, and quarrying 12.9%, construction and utilities 17.5%, services 65.6% (2006 est.)

Unemployment rate

6% (2007 est.)

Budget

revenues: $6.415 billion
expenditures: $6.214 billion (2007 est.)

Public debt

26.5% of GDP (2007 est.)

Industries

petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles

Industrial production growth rate

8% (2007 est.)

Electricity - production

7.704 billion kWh (2007)

Electricity - consumption

7.083 billion kWh (2007)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

120,000 bbl/day (2007 est.)

Oil - consumption

24,770 bbl/day (2007 est.)

Oil - imports

91,780 bbl/day (2004)

Oil - exports

202,100 bbl/day (2004)

Oil - proved reserves

605.8 million bbl (1 January 2007 est.)

Natural gas - production

39.92 billion cu m (2007 est.)

Natural gas - consumption

37.29 billion cu m (2007 est.)

Natural gas - exports

21.03 billion cu m (2007 est.)

Natural gas - imports

0 cu m (2007)

Natural gas - proved reserves

702.8 billion cu m (1 January 2007 est.)

Current Account Balance

$3.884 billion (2007 est.)

Agriculture - products

cocoa, rice, citrus, coffee, vegetables; poultry

Exports

$14.13 billion f.o.b. (2007 est.)

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 59.8%, Spain 5.3%, Jamaica 5.2% (2006)

Imports

$6.477 billion f.o.b. (2007 est.)

Imports - commodities

mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, live animals, grain

Imports - partners

US 30.6%, Brazil 12%, Venezuela 6.8%, Gabon 4.7%, Colombia 4.6% (2006)

Reserves of foreign exchange and gold

$6.761 billion (31 December 2007 est.)

Debt - external

$3.025 billion (31 December 2007 est.)

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)

Economic aid - recipient

$200,000 (2007 est.)

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