Economy of Trinidad and Tobago

Economy of Trinidad and Tobago

Downtown Port of Spain at night
Currency	Trinidad and Tobago dollar (TTD)
Fiscal year	1 October - 30 September
Trade organisations	CARICOM
Statistics
GDP	$30.12 billion (2015 est.)
GDP growth	-2.5% (2016 est.)
GDP per capita	$20,400 (2012 est.)
GDP by sector	agriculture: 0.3%; industry: 58.8%; services: 40.8% (2012 est.)
Inflation (CPI)	8.7% (2012 est.)
Population below poverty line	4% (2007 est.)
Labour force	616,500 (2012 est.)
Labour force by occupation	agriculture: 3.8%; manufacturing, mining, and quarrying: 12.8%; construction and utilities: 20.40%; services: 62.9% (2007 est.)
Unemployment	4.4% (2016 est.)
Main industries	petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles
Ease-of-doing-business rank	96th (2017)
External
Exports	$12.72 billion (2012 est.)
Export goods	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
Main export partners	United States 40.3%  Argentina 6.9%  Chile 6.8%  Jamaica 4.9%  Spain 4.3% (2012 est.)
Imports	$9.362 billion (2012 est.)
Import goods	mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals
Main import partners	United States 30.8%  Colombia 13.9%  Brazil 7.6%  Gabon 5.0%  Canada 4.1% (2012 est.)
Gross external debt	$4.78 billion (31 December 2012 est.)
Public finances
Public debt	37.7% of GDP (2012 est.)
Revenues	$9.507 billion (2014 est.)
Expenses	$10.186 billion (2014 est.)
Credit rating	A+ (Domestic) A (Foreign) AA (T&C Assessment) (Standard & Poor's)
Foreign reserves	$11.32 billion (December 2014 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Trinidad and Tobago is the wealthiest country in the Caribbean as well as the third richest country by GDP (PPP) per capita in the Americas after the United States and Canada. Furthermore, it is recognised as a high income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.

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, , 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.

Trinidad and Tobago's infrastructure is adequate by regional standards. A major expansion of the Piarco International Airport in Trinidad, the country's main airport, was completed in 2001. There is an extensive network of paved roads, and utilities are fairly reliable in the cities. Some areas, however, especially rural districts, still suffer from water shortages. The government is addressing this problem with the construction of additional desalinization plants. Infrastructure improvement, especially rural roads and telephone service, drainage, and sewerage, are among the government's budget priorities.