Trinidad and Tobago Economy Profile 2013

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 during 2009-2011 due to depressed natural gas prices and changing markets. Growth had been fueled by investments in liquefied natural gas, 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)

$27.12 billion (2012 est.)
$26.92 billion (2011 est.)
$27.33 billion (2010 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$23.84 billion (2012 est.)

GDP - real growth rate

0.7% (2012 est.)
-1.5% (2011 est.)
0% (2010 est.)

GDP - per capita (PPP)

$20,400 (2012 est.)
$20,300 (2011 est.)
$20,700 (2010 est.)
note: data are in 2012 US dollars

GDP - composition by sector

agriculture: 0.3%
industry: 58.8%
services: 40.8% (2012 est.)

Population below poverty line

17% (2007 est.)

Labor force

616,500 (2012 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

6.3% (2012 est.)
5.5% (2011 est.)

Unemployment, youth ages 15-24

total: 10.5%
male: 8.8%
female: 12.9% (2008)

Household income or consumption by percentage share

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

Investment (gross fixed)

15.9% of GDP (2012 est.)

Budget

revenues: $7.705 billion
expenditures: $8.341 billion (2012 est.)

Taxes and other revenues

32.3% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

-2.7% of GDP (2012 est.)

Public debt

37.7% of GDP (2012 est.)
38.8% of GDP (2011 est.)

Inflation rate (consumer prices)

8.7% (2012 est.)
5.1% (2011 est.)

Central bank discount rate

4.25% (31 December 2010 est.)
7.25% (31 December 2009 est.)

Commercial bank prime lending rate

7.8% (31 December 2012 est.)
7.99% (31 December 2011 est.)

Stock of narrow money

$5.653 billion (31 December 2012 est.)
$5.073 billion (31 December 2011 est.)

Stock of money

$3.047 billion (31 December 2008)
$2.646 billion (31 December 2007)

Stock of quasi money

$6.795 billion (31 December 2008)
$5.707 billion (31 December 2007)

Stock of broad money

$17.28 billion (31 December 2012 est.)
$15.46 billion (31 December 2011 est.)

Stock of domestic credit

$6.417 billion (31 December 2012 est.)
$6.115 billion (31 December 2011 est.)

Market value of publicly traded shares

$14.73 billion (31 December 2011)
$12.16 billion (31 December 2010)
$11.15 billion (31 December 2009)

Agriculture - products

cocoa, rice, citrus, coffee, vegetables; poultry; sugar

Industries

petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles

Industrial production growth rate

2.1% (2011 est.)

Current Account Balance

$2.677 billion (2012 est.)
$2.26 billion (2011 est.)

Exports

$12.72 billion (2012 est.)
$13.02 billion (2011 est.)

Exports - commodities

petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, cereal and cereal products, sugar, cocoa, coffee, citrus fruit, vegetables, flowers

Exports - partners

US 43.6%, Spain 5.1%, South Korea 4.8%, Jamaica 4.6% (2011)

Imports

$9.362 billion (2012 est.)
$9.552 billion (2011 est.)

Imports - commodities

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

Imports - partners

US 32.8%, Brazil 10.7%, Russia 6.2%, Gabon 5.7%, Canada 5.1%, China 4.2% (2011)

Reserves of foreign exchange and gold

$10.65 billion (31 December 2012 est.)
$10.5 billion (31 December 2011 est.)

Debt - external

$4.78 billion (31 December 2012 est.)
$4.749 billion (31 December 2011 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)

Exchange rates

Trinidad and Tobago dollars (TTD) per US dollar -
6.393 (2012 est.)
6.4094 (2011 est.)
6.3755 (2010 est.)
6.3099 (2009)
6.2896 (2008)

Fiscal year

1 October - 30 September