Trinidad and Tobago Economy
Is Trinidad and Tobago a wealthy country?
The economy of Trinidad and Tobago is highly dependent on the energy sector, with the country being a significant producer of oil and natural gas.
The energy sector accounts for approximately 40% of Trinidad and Tobago's GDP and 80% of its export earnings. The country is the largest natural gas producer in the Caribbean and is also a significant exporter of liquefied natural gas (LNG). Trinidad and Tobago's energy industry has attracted significant foreign investment over the years, with companies such as BP, Shell, and BHP Billiton operating in the country.
Aside from the energy sector, Trinidad and Tobago has a well-developed manufacturing industry, with a particular focus on the production of chemicals, food, and beverages. The country also has a growing tourism industry, with its beautiful beaches and vibrant culture attracting visitors from around the world.
However, despite the significant contributions of the energy and manufacturing sectors to the Trinidad and Tobago economy, the country has faced several economic challenges over the years. In recent years, the country has experienced a significant decline in its GDP due to falling energy prices, reduced production levels, and declining output from the energy sector.
The Trinidad and Tobago government has implemented several initiatives to address these challenges, including the implementation of fiscal and monetary policies aimed at stabilizing the economy. The government has also implemented policies aimed at diversifying the economy by promoting non-energy sectors such as agriculture, fisheries, and creative industries.
Despite the challenges faced by the Trinidad and Tobago economy, the country has maintained a stable economic environment and has continued to attract significant foreign investment. The country's strategic location and well-developed infrastructure make it an attractive destination for investors looking to do business in the Caribbean.
Trinidad and Tobago Economy Data
What is the GDP of Trinidad and Tobago?
| Currency Name and Code | Trinidad and Tobago Dollar (TTD) |
| GDP - Gross Domestic Product (PPP) | $33,210,000,000 (USD) |
| GDP - official exchange rate | $27,670,000,000 (USD) |
| GDP - real growth rate | 1% |
| GDP Per Capita | $32,800.00 (USD) |
| GDP by Sector- agriculture | 0.5% |
| GDP by Sector- Industry | 14.6% |
| GDP by Sector- services | 84.9% |
| GDP - composition, by end use |
household consumption: 40.1% government consumption: 12.3% investment in fixed capital: 8.5% investment in inventories: 0.5% exports of goods and services: 66.8% imports of goods and services: -28.2% |
| Population Below Poverty Line | 17% |
| Inflation Rate | 11.3% |
| Labor Force | 631,000 |
| Labor Force By Occupation- agriculture | 3.8% |
| Unemployment Rate | 6.4% |
| Fiscal Year | 1 October - 30 September |
| Annual Budget | $6,614,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -1.8% |
| Public Debt (% of GDP) | 41.1% |
| Taxes and other revenues - percent of GDP | 28.9% |
| Major Industries | petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles |
| Industrial Growth Rate | 2.5% |
| Agriculture Products | cocoa, sugarcane, rice, citrus, coffee, vegetables; poultry |
| Exchange Rate per US Dollar | Trinidad and Tobago dollar (TTD) |
| Labor Force By Occupation - construction and utilities | 20.4% |
| Labor Force By Occupation - manufacturing, mining and quarrying | 12.8% |
| Labor Force By Occupation - services | 62.9% |
| Child Labor - % of children ages 5-14 | 1% |
| Child Labor - # of children ages 5-14 | 1,201 |
| Commercial Bank Prime Lending Rate | 7.5% |