Trinidad and Tobago Economy 2008

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. Recent growth has been fueled by investments in liquefied natural gas (LNG), petrochemicals, and steel. It is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources. 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 proportionately as important as in many other Caribbean islands. The economy benefits from a growing trade surplus. Economic growth reached 12.6% in 2006 and 5.8% in 2007 as prices for oil, petrochemicals, and LNG remained high, and as foreign direct investment continued to grow to support expanded capacity in the energy sector.

GDP (purchasing power parity):
$22.93 billion (2007 est.)

GDP (official exchange rate):
$16.18 billion (2007 est.)

GDP - real growth rate:
5.8% (2007 est.)

GDP - per capita (PPP):
$21,700 (2007 est.)

GDP - composition by sector:
agriculture: 0.6%
industry: 62%
services: 37.4% (2007 est.)

Labor force:
615,000 (2007 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:
6.5% (2007 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% (2007 est.)

Investment (gross fixed):
16.7% of GDP (2007 est.)

Budget:
revenues: $6.401 billion
expenditures: $5.879 billion (2007 est.)

Public debt:
26.5% of GDP (2007 est.)

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

Industries:
petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles

Industrial production growth rate:
6.9% (2007 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:
191,300 bbl/day (2006 est.)

Oil - consumption:
30,000 bbl/day (2006 est.)

Oil - exports:
202,100 bbl/day (2004)

Oil - imports:
69,510 bbl/day (2004)

Oil - proved reserves:
990 million bbl (1 January 2006 est.)

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:
$4.288 billion (2007 est.)

Exports:
$13.65 billion f.o.b. (2007 est.)

Exports - commodities:
petroleum and petroleum products, liquefied natural gas (LNG), chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers

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

Imports:
$8.333 billion f.o.b. (2007 est.)

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:
$7.624 billion (31 December 2007 est.)

Debt - external:
$3.025 billion (31 December 2007 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 - 6.3275 (2007), 6.3107 (2006), 6.2842 (2005), 6.299 (2004), 6.2951 (2003)