Trinidad and Tobago Economy 2007

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):
$21.06 billion (2006 est.)

GDP (official exchange rate):
$14.87 billion (2006 est.)

GDP - real growth rate:
11.7% (2006 est.)

GDP - per capita (PPP):
$19,800 (2006 est.)

GDP - composition by sector:
agriculture: 0.7%
industry: 59.8%
services: 39.4% (2006 est.)

Labor force:
625,000 (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):
8.3% (2006 est.)

Investment (gross fixed):
18.3% of GDP (2006 est.)

Budget:
revenues: $6.096 billion
expenditures: $4.919 billion (2006 est.)

Public debt:
37.5% 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:
6.627 billion kWh (2005)

Electricity - consumption:
6.163 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

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 2006)

Natural gas - production:
29.04 billion cu m (2005 est.)

Natural gas - consumption:
15.6 billion cu m (2005 est.)

Natural gas - exports:
13.44 billion cu m (2005 est.)

Natural gas - imports:
0 cu m (2005)

Natural gas - proved reserves:
702.8 billion cu m (1 January 2006 est.)

Current account balance:
$4.655 billion (2006 est.)

Exports:
$12.1 billion f.o.b. (2006 est.)

Exports - commodities:
petroleum and petroleum products, chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers

Exports - partners:
US 59.8%, Spain 5.3%, Jamaica 5.2% (2006)

Imports:
$6.843 billion f.o.b. (2006 est.)

Imports - commodities:
machinery, transportation equipment, manufactured goods, food, live animals

Imports - partners:
US 30.6%, Brazil 12%, Venezuela 6.8%, Gabon 4.8%, Colombia 4.6% (2006)

Economic aid - recipient:
$2.09 million (2005 est.)

Reserves of foreign exchange and gold:
$6.609 billion (2006 est.)

Debt - external:
$2.729 billion (2006 est.)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Market value of publicly traded shares:
$15.57 billion (2006)

Currency (code):
Trinidad and Tobago dollar (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)