Economy - overview:
Trinidad and Tobago relies on its energy sector for much of its economic activity, and has one of the highest per capita incomes in Latin America. Economic growth between 2000 and 2007 averaged slightly over 8% per year, significantly above the regional average of about 3.7% for that same period; however, GDP has slowed down since then, contracting during 2009-12, making small gains in 2013 and contracting again in 2014-17. Trinidad and Tobago is buffered by considerable foreign reserves and a sovereign wealth fund that equals about one-and-a-half times the national budget, but the country is in a recession and the government faces the dual challenge of gas shortages and a low price environment. Large-scale energy projects in the last quarter of 2017 are helping to mitigate the gas shortages.
Energy production and downstream industrial use dominate the economy. Oil and gas typically account for about 40% of GDP and 80% of exports but less than 5% of employment. Trinidad and Tobago is home to one of the largest natural gas liquefaction facilities in the Western Hemisphere. Trinidad and Tobago produces about nine times more natural gas than crude oil on an energy equivalent basis with gas contributing about two-thirds of energy sector government revenue. The US is the country’s largest trading partner, accounting for 28% of its total imports and taking 48% of its exports.
Economic diversification is a longstanding government talking point, and Trinidad and Tobago has much potential due to its stable, democratic government and its educated, English speaking workforce. The country is also a regional financial center with a well-regulated and stable financial system. Other sectors the Government of Trinidad and Tobago has targeted for increased investment and projected growth include tourism, agriculture, information and communications technology, and shipping. Unfortunately, a host of other factors, including low labor productivity, inefficient government bureaucracy, and corruption, have hampered economic development.
GDP (purchasing power parity):
$42.78 billion (2017 est.)
$44.18 billion (2016 est.)
$46.69 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 115
GDP (official exchange rate):
$20.3 billion (2017 est.)
GDP - real growth rate:
-3.2% (2017 est.)
-5.4% (2016 est.)
-0.6% (2015 est.)
country comparison to the world: 215
GDP - per capita (PPP):
$31,200 (2017 est.)
$32,300 (2016 est.)
$34,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 62
Gross national saving:
10.4% of GDP (2017 est.)
9.5% of GDP (2016 est.)
12.4% of GDP (2015 est.)
country comparison to the world: 156
GDP - composition, by end use:
household consumption: 77.9%
government consumption: 17.8%
investment in fixed capital: 9%
investment in inventories: 0.6%
exports of goods and services: 47.5%
imports of goods and services: -52.2% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 0.4%
industry: 48.8%
services: 50.8% (2017 est.)
Agriculture - products:
cocoa, dasheen, pumpkin, cassava, tomatoes, cucumbers, eggplant, hot pepper, pommecythere, coconut water, poultry
Industries:
petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles
Industrial production growth rate:
2% (2017 est.)
country comparison to the world: 134
Labor force:
629,400 (2017 est.)
country comparison to the world: 155
Labor force - by occupation:
agriculture: 3.4%
industry: 11.5%
services: 84.7% (2015 est.)
Unemployment rate:
4.1% (2017 est.)
4.1% (2016 est.)
country comparison to the world: 54
Population below poverty line:
20% (2014 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $6.916 billion
expenditures: $7.838 billion (2017 est.)
Taxes and other revenues:
34.1% of GDP (2017 est.)
country comparison to the world: 61
Budget surplus (+) or deficit (-):
-4.5% of GDP (2017 est.)
country comparison to the world: 151
Public debt:
65.3% of GDP (2017 est.)
62.5% of GDP (2016 est.)
country comparison to the world: 63
Fiscal year:
1 October - 30 September
Inflation rate (consumer prices):
3.2% (2017 est.)
3.1% (2016 est.)
country comparison to the world: 134
Central bank discount rate:
6.75% (04 March 2016 est.)
6.75% (31 December 2015 est.)
country comparison to the world: 54
Commercial bank prime lending rate:
9% (31 December 2017 est.)
9% (31 December 2016 est.)
country comparison to the world: 94
Stock of narrow money:
$7.238 billion (31 December 2017 est.)
$6.72 billion (31 December 2016 est.)
country comparison to the world: 90
Stock of broad money:
$18.54 billion (31 December 2017 est.)
$16.66 billion (31 December 2016 est.)
country comparison to the world: 92
Stock of domestic credit:
$10.08 billion (31 December 2017 est.)
$9.718 billion (31 December 2016 est.)
country comparison to the world: 106
Market value of publicly traded shares:
$177.4 million (31 December 2015 est.)
$171.6 million (31 December 2014 est.)
$170 million (31 December 2013 est.)
country comparison to the world: 118
Current account balance:
$-1.835 billion (2017 est.)
$-2.395 billion (2016 est.)
country comparison to the world: 155
Exports:
$9.668 billion (2017 est.)
$8.714 billion (2016 est.)
country comparison to the world: 92
Exports - commodities:
petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, cereal and cereal products, cocoa, fish, preserved fruits, cosmetics, household cleaners, plastic packaging
Exports - partners:
US 39.2%, Argentina 9.3% (2016)
Imports:
$10.19 billion (2017 est.)
$9.485 billion (2016 est.)
country comparison to the world: 97
Imports - commodities:
mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals
Imports - partners:
US 33.4%, Russia 13.3%, Gabon 12.4%, China 6.1% (2016)
Reserves of foreign exchange and gold:
$8.66 billion (31 December 2017 est.)
$9.995 billion (31 December 2016 est.)
country comparison to the world: 77
Debt - external:
$10.07 billion (31 December 2017 est.)
$8.746 billion (31 December 2016 est.)
country comparison to the world: 115
Stock of direct foreign investment - at home:
$382.9 million (31 December 2014 est.)
$311.7 million (31 December 2013 est.)
country comparison to the world: 126
Stock of direct foreign investment - abroad:
$1.266 billion (2014 est.)
$2.061 billion (2013 est.)
country comparison to the world: 83
Exchange rates:
Trinidad and Tobago dollars (TTD) per US dollar -
6.76 (2017 est.)
6.67 (2016 est.)
6.67 (2015 est.)
6.4 (2014 est.)
6.4 (2013 est.)