Economy Of Trinidad and Tobago
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Economy overview
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Trinidad and Tobago, the leading Caribbean producer of oil and gas, has earned a reputation as an excellent investment site for international businesses. Tourism is a growing sector, although not proportionately as important as in many other Caribbean islands. The economy benefits from low inflation and a growing trade surplus. Prospects for growth in 2004 are good as prices for oil, petrochemicals, and liquified natural gas are expected to remain high, and foreign direct investment continues to grow to support expanded capacity in the energy sector. The government is coping with a rise in violent crime.
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GDP
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purchasing power parity - $10.52 billion (2004 est.)
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GDP - real growth rate
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3.7% (2004 est.)
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GDP - per capita
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purchasing power parity - $9,500 (2004 est.)
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GDP - composition by sector
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agriculture: 2.6%
industry: 49%
services: 48.4% (2004 est.)
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Investment gross fixed
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14.8% of GDP (2004 est.)
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Population below poverty line
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21% (1992 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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3.8% (2004 est.)
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Labor force
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590,000 (2004 est.)
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Labor force by occupation
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agriculture 9.5%, manufacturing, mining, and quarrying 14%, construction and utilities 12.4%, services 64.1% (1997 est.)
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Unemployment rate
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10.4% (2004 est.)
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Budget
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revenues: $2.663 billion
expenditures: $2.51 billion, including capital expenditures of $117.3 million (2004 est.)
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Public debt
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55.9% of GDP (2004 est.)
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Agriculture products
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cocoa, sugarcane, rice, citrus, coffee, vegetables; poultry
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Industries
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petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles
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Industrial production growth rate
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5.7% (2004 est.)
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Electricity production
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5.315 billion kWh (2001)
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Electricity production by source
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fossil fuel: 99.8%
hydro: 0%
other: 0.2% (2001)
nuclear: 0%
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Electricity consumption
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4.943 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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136,200 bbl/day (2004 est.)
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Oil consumption
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24,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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990 million bbl (1 January 2004)
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Natural gas production
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25 billion cu m (2003 est.)
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Natural gas consumption
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13.76 billion cu m (2003 est.)
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Natural gas exports
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11.79 billion cu m (2003 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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589 billion cu m (1 January 2004)
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Current account balance
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$954 million (2004 est.)
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Exports
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$4.9 billion f.o.b. (2004 est.)
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Exports commodities
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petroleum and petroleum products, chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers
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Exports partners
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US 63.5%, Jamaica 5.6%, France 3.2% (2003)
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Imports
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$3.917 billion f.o.b. (2003 est.)
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Imports commodities
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machinery, transportation equipment, manufactured goods, food, live animals
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Imports partners
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US 31.7%, Venezuela 13.6%, Brazil 7.3%, Germany 6.6%, UK 5.1%, Japan 4.3% (2003)
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Reserves of foreign exchange gold
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$2.477 billion (2004 est.)
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Debt external
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$2.608 billion (2004 est.)
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Economic aid recipient
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$24 million (1999 est.)
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Currency
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Trinidad and Tobago dollar (TTD)
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Currency code
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TTD
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Exchange rates
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Trinidad and Tobago dollars per US dollar - 6.2929 (2003), 6.2487 (2002), 6.2332 (2001), 6.2998 (2000), 6.2989 (1999)
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Fiscal year
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1 October - 30 September
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This information was reproduced in part from the CIA World Fact book.
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