Global InformationEconomy of Trinidad and Tobago information
 | This article was imported from the CIA's World Factbook. |
 Port of Spain, the financial centre of Trinidad and Tobago | |
| Currency | Trinidad and Tobago dollar (TTD, TT$) |
|---|---|
Fiscal year | 1 October – 30 September |
Trade organisations | WTO, CARICOM |
Country group |
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| Statistics | |
| Population |  1,367,558 (2021)[3] |
| GDP |
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| GDP rank |
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GDP growth |
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GDP per capita |
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GDP per capita rank |
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GDP by sector | agriculture: 0.4%; industry: 48.8%; services: 50.8% (2017 est.) |
Inflation (CPI) |  4.5% (June 2022)[5] |
Population below poverty line | 4% (2007 est.) |
Gini coefficient | 39.0 (2012 est.) |
Human Development Index |
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Labour force |  589,100 (Q3 2020)[8] |
Labour force by occupation | agriculture: 3.8%; manufacturing, mining, and quarrying: 12.8%; construction and utilities: 20.40%; services: 62.9% (2007 est.) |
| Unemployment | 6.1% (Q3 2020)[8] |
Main industries | petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles |
| External | |
| Exports | $11 billion (2015 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(+) 37%  Brazil(+) 8.2%  Argentina(+) 8.0%  Chile(+) 7.2%  Peru(+) 4.5% (2015 est.)[9] |
| Imports | $5.9 billion (2015 est.) |
Import goods | mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals |
Main import partners | United States(+) 38%  China(-) 8.2%  Singapore(+) 4.6% (2015 est.)[10] |
Gross external debt | $32.06 billion (2021)[11] |
| Public finances | |
Government debt | 92.1% of GDP (Jun 2021 est.)[12] |
| Revenues | TT$43.33 billion (2022 est.) |
| Expenses | TT$52.43 billion (2022 est.)[13] |
Credit rating |
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Foreign reserves | $6.75 billion (Jan 2022 est.)[16] |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of Trinidad and Tobago is the third wealthiest in the Caribbean and the fifth-richest by GDP (PPP) per capita in the Americas.[17] Trinidad and Tobago 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,[18] with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.[19][20]
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) and petrochemicals. Additional petrochemical, aluminium, and plastics projects are in various stages of planning.
Trinidad and Tobago is the largest Caribbean producer of natural gas in CARICOM and the second largest producer of oil after Guyana, and its economy is heavily dependent upon these resources. 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.
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Mid Year Population Estimate by Age and Sex 2005 – 2021.xlsx". Central Statistical Office. Retrieved 10 March 2022.
- ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 19 January 2020.
- ^ "Index of Retail Prices June 2022". Central Statistical Office. Retrieved 10 March 2022.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
- ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
- ^ a b "Continuous Sample Survey of Population". Central Statistical Office. Retrieved 10 March 2022.
- ^ "Export Partners of Trinidad & Tobago". Observatory of Economic Complexity. 2015. Retrieved 15 June 2017.
- ^ "Import Partners of Trinidad & Tobago". Observatory of Economic Complexity. 2015. Retrieved 15 June 2017.
- ^ "Debt Annual". Central Bank of Trinidad and Tobago. Retrieved 10 March 2022.
- ^ "Public Sector Debt Outstanding (Per cent of GDP)". Central Bank of Trinidad and Tobago. 2017. Retrieved 9 April 2018.
- ^ "Budget Statement 2022". Ministry of Finance. Retrieved 10 March 2022.
- ^ "Sovereigns rating list". Standard & Poor's. Retrieved 14 January 2012.
- ^ "Moody's Downgrades Trinidad and Tobago's ratings to Ba2 from Ba1, changes outlook to Stable from Negative". Moody's.
- ^ "Foreign Reserves Monthly | Central Bank of Trinidad and Tobago".
- ^ "GDP by Country - Worldometer". www.worldometers.info. Retrieved 3 September 2021.
- ^ "Trinidad and Tobago Country brief". The World Bank. Retrieved 1 September 2008.
- ^ "Trinidad and Tobago profile – Overview". BBC News. Retrieved 13 September 2014.
- ^ List of countries by GDP (PPP) per capita