Economy - overviewTrinidad 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.) GDP (official exchange rate)$23.84 billion (2012 est.) GDP - real growth rate0.7% (2012 est.) GDP - per capita (PPP)$20,400 (2012 est.) GDP - composition by sectoragriculture: 0.3% Population below poverty line17% (2007 est.) Labor force616,500 (2012 est.) Labor force - by occupationagriculture: 3.8% Unemployment rate6.3% (2012 est.) Unemployment, youth ages 15-24total: 10.5% Household income or consumption by percentage sharelowest 10%: NA% Investment (gross fixed)15.9% of GDP (2012 est.) Budgetrevenues: $7.705 billion Taxes and other revenues32.3% of GDP (2012 est.) Budget surplus (+) or deficit (-)-2.7% of GDP (2012 est.) Public debt37.7% of GDP (2012 est.) Inflation rate (consumer prices)8.7% (2012 est.) Central bank discount rate4.25% (31 December 2010 est.) Commercial bank prime lending rate7.8% (31 December 2012 est.) Stock of narrow money$5.653 billion (31 December 2012 est.) Stock of money$3.047 billion (31 December 2008) Stock of quasi money$6.795 billion (31 December 2008) Stock of broad money$17.28 billion (31 December 2012 est.) Stock of domestic credit$6.417 billion (31 December 2012 est.) Market value of publicly traded shares$14.73 billion (31 December 2011) Agriculture - productscocoa, rice, citrus, coffee, vegetables; poultry; sugar Industriespetroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles Industrial production growth rate2.1% (2011 est.) Current Account Balance$2.677 billion (2012 est.) Exports$12.72 billion (2012 est.) Exports - commoditiespetroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, cereal and cereal products, sugar, cocoa, coffee, citrus fruit, vegetables, flowers Exports - partnersUS 43.6%, Spain 5.1%, South Korea 4.8%, Jamaica 4.6% (2011) Imports$9.362 billion (2012 est.) Imports - commoditiesmineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals Imports - partnersUS 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.) Debt - external$4.78 billion (31 December 2012 est.) Stock of direct foreign investment - at home$102 billion (31 December 2008 est.) Stock of direct foreign investment - abroad$3.829 billion (2007) Exchange ratesTrinidad and Tobago dollars (TTD) per US dollar - Fiscal year1 October - 30 September |
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Source: CIA World Factbook | |