Trinidad and Tobago Economy Profile 2009

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 for the past seven years has averaged slightly over 8%, significantly above the regional average of about 3.7% for that same period; however, it has slowed down this year to about 5% and is expected to slow further with the global downturn. 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. 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)

$29.01 billion (2008 est.)
$28.03 billion (2007 est.)
$26.57 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$24.81 billion (2008 est.)

GDP - real growth rate

3.5% (2008 est.)
5.5% (2007 est.)
12.2% (2006 est.)

GDP - per capita (PPP)

$23,600 (2008 est.)
$22,700 (2007 est.)
$21,500 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 0.5%
industry: 62.3%
services: 37.2% (2008 est.)

Population below poverty line

17% (2007 est.)

Labor force

620,800 (2008 est.)

Labor force - by occupation

agriculture 3.8%, manufacturing, mining, and quarrying 12.8%, construction and utilities 20.4%, services 62.9% (2007 est.)

Unemployment rate

5.5% (2008 est.)
4.5% (2007 est.)

Household income or consumption by percentage share

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

Investment (gross fixed)

16.7% of GDP (2008 est.)

Budget

revenues: $7.421 billion
expenditures: $7.141 billion (2008 est.)

Public debt

26.1% of GDP (2008 est.)
54.4% of GDP (2004 est.)

Inflation rate (consumer prices)

12% (2008 est.)
7.9% (2007 est.)

Central bank discount rate

6.94% (31 December 2008)
10% (31 December 2007)

Commercial bank prime lending rate

NA% (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 quasi money

$3.506 billion (31 December 2008)
$5.707 billion (31 December 2007)

Stock of domestic credit

$3.423 billion (31 December 2008)
$3.73 billion (31 December 2007)

Industries

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

Industrial production growth rate

4.1% (2008 est.)

Electricity - production

7.704 billion kWh (2007)

Electricity - production by source

fossil fuel: 99.8%
hydro: 0%
nuclear: 0%
other: 0.2% (2001)

Electricity - consumption

7.083 billion kWh (2007)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

163,300 bbl/day (2007 est.)

Oil - consumption

28,730 bbl/day (2006 est.)

Oil - imports

72,780 bbl/day (2005)

Oil - exports

38,990 bbl/day (2007)

Oil - proved reserves

728.3 million bbl (1 January 2008 est.)

Natural gas - production

39 billion cu m (2007 est.)

Natural gas - consumption

20.8 billion cu m (2007 est.)

Natural gas - exports

18.1 billion cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

481.3 billion cu m (1 January 2008 est.)

Current Account Balance

$5.395 billion (2008 est.)
$5.364 billion (2007 est.)

Agriculture - products

cocoa, rice, citrus, coffee, vegetables; poultry

Exports

$15.9 billion (2008 est.)
$13.39 billion (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 47.5%, Spain 8.3%, Netherlands 7.4%, Jamaica 6.1% (2008)

Imports

$9.843 billion (2008 est.)
$7.67 billion (2007 est.)

Imports - commodities

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

Imports - partners

US 27.4%, Brazil 10%, Venezuela 8.1%, Colombia 4.8%, China 4.2%, Gabon 4.1% (2008)

Reserves of foreign exchange and gold

$9.496 billion (31 December 2008 est.)
$6.745 billion (31 December 2007 est.)

Debt - external

$3.302 billion (31 December 2008 est.)
$2.869 billion (31 December 2007 est.)

Stock of direct foreign investment - at home

$102 billion (31 December 2008 est.)
$12.44 billion (2007)

Stock of direct foreign investment - abroad

$3.829 billion (2007)

Market value of publicly traded shares

$12.16 billion (31 December 2008)
$15.61 billion (31 December 2007)
$15.57 billion (31 December 2006)

Economic aid - recipient

$200,000 (2007 est.)

Currency (code)

TTD

Currency (code)

Trinidad and Tobago dollar (TTD)

Exchange rates

Trinidad and Tobago dollars (TTD) per US dollar - 6.2896 (2008 est.), 6.3275 (2007), 6.3107 (2006), 6.2842 (2005), 6.299 (2004)

Fiscal year

1 October - 30 September