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Trinidad and Tobago:
Economy

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Other pages in this profile of Trinidad and Tobago:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
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, 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 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.
GDP (purchasing power parity)
Definition - World rank and map
$23.79 billion (2007 est.)
GDP (official exchange rate)
Definition
$20.7 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$18,300 (2007 est.)
GDP - composition by sector
Definition
agriculture: 0.6%
industry: 61.9%
services: 37.5% (2007 est.)
Labor force
Definition
615,000 (2007 est.)
Labor force - by occupation
Definition
agriculture 4%, manufacturing, mining, and quarrying 12.9%, construction and utilities 17.5%, services 65.6% (2006 est.)
Unemployment rate
Definition - World rank and map
6.5% (2007 est.)
Population below poverty line
Definition
17% (2007 est.)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
7.9% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
23.5% of GDP (2007 est.)
Budget
Definition
revenues: $6.415 billion
expenditures: $6.214 billion (2007 est.)
Public debt
Definition - World rank and map
26.6% of GDP (2007 est.)
Agriculture - products
Definition
cocoa, rice, citrus, coffee, vegetables; poultry
Industries
Definition
petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles
Industrial production growth rate
Definition - World rank and map
8% (2007 est.)
Electricity - production
Definition - World rank and map
7.704 billion kWh (2007)
Electricity - consumption
Definition - World rank and map
7.083 billion kWh (2007)
Electricity - consumption per capita
Definition - World rank and map
6,762.7 kWh (2007)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
120,000 bbl/day (2007 est.)
Oil - consumption
Definition - World rank and map
24,770 bbl/day (2007 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
23.6 bbl/day (2007 est.)
Oil - exports
Definition - World rank and map
202,100 bbl/day (2004)
Oil - imports
Definition - World rank and map
91,780 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
605.8 million bbl (1 January 2007 est.)
Natural gas - production
Definition - World rank and map
39.92 billion cu m (2007 est.)
Natural gas - consumption
Definition - World rank and map
37.29 billion cu m (2007 est.)
Natural gas - consumption per capita
Definition - World rank and map
35,604 cu m (2007 est.)
Natural gas - exports
Definition - World rank and map
21.03 billion cu m (2007 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2007)
Natural gas - proved reserves
Definition - World rank and map
702.8 billion cu m (1 January 2007 est.)
Current account balance
Definition - World rank and map
$4.171 billion (2007 est.)
Exports
Definition - World rank and map
$12.02 billion f.o.b. (2007 est.)
Exports - commodities
Definition
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
Exports - partners
Definition
US 58%, Jamaica 5.9%, Spain 4% (2006)
Imports
Definition - World rank and map
$7.485 billion f.o.b. (2007 est.)
Imports - commodities
Definition
mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, live animals, grain
Imports - partners
Definition
US 28.3%, Brazil 12.5%, Venezuela 6.9%, Gabon 5%, Colombia 4.8%, China 4.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$6.761 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$2.826 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$12.44 billion (2007)
Stock of direct foreign investment - abroad
Definition
$1.419 billion (2007)
Market value of publicly traded shares
Definition
$15.57 billion (2006)
Economic aid - recipient
Definition
$200,000 (2007 est.)
Currency (code)
Definition
Trinidad and Tobago dollar (TTD)
Exchange rates
Definition
Trinidad and Tobago dollars per US dollar - 6.3275 (2007), 6.3107 (2006), 6.2842 (2005), 6.299 (2004), 6.2951 (2003)
Fiscal year
Definition
1 October - 30 September


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