Home

Economy of Trinidad and Tobago

Economy - overview: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 it is not proportionately as important as in many other Caribbean islands. The economy benefits from a growing trade surplus. Economic growth in 2006 reached 12.6% as prices for oil, petrochemicals, and liquefied natural gas remained high, and foreign direct investment continued to grow to support expanded capacity in the energy sector. The government is coping with a rise in violent crime.
GDP (purchasing power parity):$21.12 billion (2006 est.)
GDP (official exchange rate):$14.9 billion (2006 est.)
GDP - real growth rate:11.9% (2006 est.)
GDP - per capita (PPP):$19,800 (2006 est.)
GDP - composition by sector:agriculture: 0.7%
industry: 57.7%
services: 41.5% (2006 est.)
Labor force:618,000 (2006 est.)
Labor force - by occupation:agriculture 9.5%, manufacturing, mining, and quarrying 14%, construction and utilities 12.4%, services 64.1% (1997 est.)
Unemployment rate:7% (2006 est.)
Population below poverty line:21% (1992 est.)
Household income or consumption by percentage share:lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):8% (2006 est.)
Investment (gross fixed):19.1% of GDP (2006 est.)
Budget:revenues: $6.591 billion
expenditures: $5.649 billion; including capital expenditures of $117.3 million (2006 est.)
Public debt:36.6% of GDP (2006 est.)
Agriculture - products:cocoa, rice, citrus, coffee, vegetables; poultry
Industries:petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles
Industrial production growth rate:17% (2006 est.)
Electricity - production:6.049 billion kWh (2004)
Electricity - production by source:fossil fuel: 99.8%
hydro: 0%
nuclear: 0%
other: 0.2% (2001)
Electricity - consumption:5.626 billion kWh (2004)
Electricity - exports:0 kWh (2004)
Electricity - imports:0 kWh (2004)
Oil - production:150,000 bbl/day (2005 est.)
Oil - consumption:34,000 bbl/day (2004 est.)
Oil - exports:NA bbl/day
Oil - imports:NA bbl/day
Oil - proved reserves:990 million bbl (1 January 2005)
Natural gas - production:28.09 billion cu m (2004 est.)
Natural gas - consumption:14.15 billion cu m (2004 est.)
Natural gas - exports:13.94 billion cu m (2004 est.)
Natural gas - imports:0 cu m (2004 est.)
Natural gas - proved reserves:733 billion cu m (1 January 2005 est.)
Current account balance:$3.259 billion (2006 est.)
Exports:$12.5 billion f.o.b. (2006 est.)
Exports - commodities:petroleum and petroleum products, chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers
Exports - partners:US 60.4%, Jamaica 5.6%, Spain 5.4% (2006)
Imports:$8.798 billion f.o.b. (2006 est.)
Imports - commodities:machinery, transportation equipment, manufactured goods, food, live animals
Imports - partners:US 26.9%, Venezuela 14.5%, Brazil 14.2%, Gabon 4.2%, Colombia 4.1% (2006)
Reserves of foreign exchange and gold:$6.888 billion (2006 est.)
Debt - external:$2.838 billion (2006 est.)
Economic aid - recipient:$24 million (1999 est.)
Currency (code):Trinidad and Tobago dollar (TTD)
Currency code:TTD
Exchange rates:Trinidad and Tobago dollars per US dollar - 6.3107 (2006), 6.2842 (2005), 6.299 (2004), 6.2951 (2003), 6.2487 (2002)
Fiscal year:1 October - 30 September

Trinidad and Tobago Quickstats

  • Population: 1,056,608 (July 2007 est.)
  • Area: 5,128 sq km
  • Density: 207.8 /km² (47th)
  • GDP (total): $18.352 billion (113th)
  • GDP (per capita): $19,700 (46th)
  • Literacy: 98.6%

Languages of Trinidad and Tobago

Useful to know

  • Currency: Trinidad and Tobago dollar (TTD)
  • Dial code: [[+1-868]]

International Trade

External sites

More Resources

Recent blog posts