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 - real growth rate: |
11.9% (2006 est.) |
GDP (purchasing power parity): |
$21.12 billion (2006 est.) |
GDP (official exchange rate): |
$14.9 billion (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.) |
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.) |
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.) |
Budget: |
revenues: $6.591 billion expenditures: $5.649 billion; including capital expenditures of $117.3 million (2006 est.) |
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 - 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 - exports: |
13.94 billion cu m (2004 est.) |
Natural gas - imports: |
0 cu m (2004 est.) |
Agriculture - products: |
cocoa, rice, citrus, coffee, vegetables; poultry |
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) |
Debt - external: |
$2.838 billion (2006 est.) |
Economic aid - recipient: |
$24 million (1999 est.) |
Currency: |
Trinidad and Tobago Dollar (TTD)
Current Trinidad and Tobago Dollar Exchange Rates Historical Trinidad and Tobago Dollar Exchange Rates Chart Trinidad and Tobago Dollar Exchange Rates |
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 |