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Trinidad and Tobago Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Trinidad and Tobago Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 5, 2013

Economy - overview:
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. Economic growth between 2000 and 2007 averaged slightly over 8%, significantly above the regional average of about 3.7% for that same period; however, GDP has slowed down since then and contracted during 2009-2011 due to depressed natural gas prices and changing markets. Growth had been fueled by investments in liquefied natural gas, 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 products 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 as important domestically as it is to many other Caribbean islands. The economy benefits from a growing trade surplus. The previous MANNING administration benefited from fiscal surpluses fueled by the dynamic export sector; however, declines in oil and gas prices have reduced government revenues which will challenge the new government's commitment to maintaining high levels of public investment.

GDP (purchasing power parity):
$27.12 billion (2012 est.)
country comparison to the world: 116

$26.92 billion (2011 est.)
$27.33 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$23.84 billion (2012 est.)

GDP - real growth rate:
0.7% (2012 est.)
country comparison to the world: 174

-1.5% (2011 est.)
0% (2010 est.)

GDP - per capita (PPP):
$20,400 (2012 est.)
country comparison to the world: 62

$20,300 (2011 est.)
$20,700 (2010 est.)
note: data are in 2012 US dollars

GDP - composition by sector:
agriculture: 0.3%
industry: 58.8%
services: 40.8% (2012 est.)

Labor force:
616,500 (2012 est.)
country comparison to the world: 156

Labor force - by occupation:
agriculture: 3.8%
manufacturing, mining, and quarrying: 12.8%
construction and utilities: 20.4%
services: 62.9% (2007 est.)

Unemployment rate:
6.3% (2012 est.)
country comparison to the world: 64

5.5% (2011 est.)

Population below poverty line:
17% (2007 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed):
15.9% of GDP (2012 est.)
country comparison to the world: 133

Budget:
revenues: $7.705 billion
expenditures: $8.341 billion (2012 est.)

Taxes and other revenues:
32.3% of GDP (2012 est.)
country comparison to the world: 84

Budget surplus (+) or deficit (-):
-2.7% of GDP (2012 est.)
country comparison to the world: 96

Public debt:
37.7% of GDP (2012 est.)
country comparison to the world: 96

38.8% of GDP (2011 est.)

Inflation rate (consumer prices):
8.7% (2012 est.)
country comparison to the world: 188

5.1% (2011 est.)

Central bank discount rate:
4.25% (31 December 2010 est.)
country comparison to the world: 39

7.25% (31 December 2009 est.)

Commercial bank prime lending rate:
7.8% (31 December 2012 est.)
country comparison to the world: 119

7.99% (31 December 2011 est.)

Stock of narrow money:
$5.653 billion (31 December 2012 est.)
country comparison to the world: 96

$5.073 billion (31 December 2011 est.)

Stock of broad money:
$17.28 billion (31 December 2012 est.)
country comparison to the world: 91

$15.46 billion (31 December 2011 est.)

Stock of domestic credit:
$6.417 billion (31 December 2012 est.)
country comparison to the world: 114

$6.115 billion (31 December 2011 est.)

Market value of publicly traded shares:
$14.73 billion (31 December 2011)
country comparison to the world: 68

$12.16 billion (31 December 2010)
$11.15 billion (31 December 2009)

Agriculture - products:
cocoa, rice, citrus, coffee, vegetables; poultry; sugar

Industries:
petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles

Industrial production growth rate:
2.1% (2011 est.)
country comparison to the world: 120

Current account balance:
$2.677 billion (2012 est.)
country comparison to the world: 36

$2.26 billion (2011 est.)

Exports:
$12.72 billion (2012 est.)
country comparison to the world: 83

$13.02 billion (2011 est.)

Exports - commodities:
petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, cereal and cereal products, sugar, cocoa, coffee, citrus fruit, vegetables, flowers

Exports - partners:
US 43.6%, Spain 5.1%, South Korea 4.8%, Jamaica 4.6% (2011)

Imports:
$9.362 billion (2012 est.)
country comparison to the world: 100

$9.552 billion (2011 est.)

Imports - commodities:
mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals

Imports - partners:
US 32.8%, Brazil 10.7%, Russia 6.2%, Gabon 5.7%, Canada 5.1%, China 4.2% (2011)

Reserves of foreign exchange and gold:
$10.65 billion (31 December 2012 est.)
country comparison to the world: 71

$10.5 billion (31 December 2011 est.)

Debt - external:
$4.78 billion (31 December 2012 est.)
country comparison to the world: 121

$4.749 billion (31 December 2011 est.)

Stock of direct foreign investment - at home:
$102 billion (31 December 2008 est.)
country comparison to the world: 39

$12.44 billion (2007)

Stock of direct foreign investment - abroad:
$3.829 billion (2007)
country comparison to the world: 65

Exchange rates:
Trinidad and Tobago dollars (TTD) per US dollar -

6.393 (2012 est.)
6.4094 (2011 est.)
6.3755 (2010 est.)
6.3099 (2009)
6.2896 (2008)

Fiscal year:
1 October - 30 September


NOTE: 1) The information regarding Trinidad and Tobago on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Trinidad and Tobago Economy 2013 information contained here. All suggestions for corrections of any errors about Trinidad and Tobago Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 11-Mar-13
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