Economy - overview:
Trinidad and Tobago attracts considerable foreign direct investment, particularly in energy, and has one of the highest per capita incomes in Latin America and the Caribbean. Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources. 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.Growth has been fueled by investments in liquefied natural gas, petrochemicals, and steel with additional upstream and downstream investment planned. Oil production has declined over the last decade as the country focused the majority of its efforts on natural gas. 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 slowed down since then and contracted during 2009-12 due to depressed natural gas prices and changing markets. The current administration has been working to arrest this decline by opening bid rounds and providing fiscal incentives for investments in on-shore and deep water acreage to boost oil reserves and production. The government keeps a close watch on the changing global gas markets and has shown flexibility in diversifying natural gas export destinations. The economy benefits from a growing trade surplus with the US. The US is Trinidad and Tobago's leading trade partner.Although Trinidad and Tobago enjoys cheap electricity from natural gas, the renewable energy sector has recently garnered increased interest. 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.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, challenging the current government's commitment to maintaining high levels of public investment. Crime and bureaucratic hurdles continue to be the biggest deterrents for attracting more foreign direct investment and business.

GDP (purchasing power parity):
$44.32 billion (2015 est.) $43.88 billion (2014 est.) $43.53 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 111
[see also: GDP country ranks ]

GDP (official exchange rate):
$27.67 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2015 est.) 0.8% (2014 est.) 1.7% (2013 est.)
country comparison to the world: 175
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$32,800 (2015 est.) $32,500 (2014 est.) $32,200 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 55
[see also: GDP - per capita country ranks ]

Gross national saving:
17.1% of GDP (2015 est.) 18.5% of GDP (2014 est.) 20.9% of GDP (2013 est.)
country comparison to the world: 104
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 40.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 8.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 66.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28.2% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 84.9% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
1% (2015 est.)
country comparison to the world: 147
[see also: Industrial production growth rate country ranks ]

Labor force:
626,400 (2015 est.)
country comparison to the world: 155
[see also: Labor force country ranks ]

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

Unemployment rate:
3.5% (2015 est.) 3.3% (2014 est.)
country comparison to the world: 31
[see also: Unemployment rate country ranks ]

Population below poverty line:
17% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $8.802 billion
[see also: Budget revenues country ranks ]
expenditures: $9.849 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
31.8% of GDP (2015 est.)
country comparison to the world: 81
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.8% of GDP (2015 est.)
country comparison to the world: 143
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
42.1% of GDP (2015 est.) 39.5% of GDP (2014 est.)
country comparison to the world: 106
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
7.5% (2015 est.) 5.7% (2014 est.)
country comparison to the world: 194
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010) 7.25% (31 December 2009)
country comparison to the world: 90
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8% (31 December 2015 est.) 7.8% (31 December 2014 est.)
country comparison to the world: 109
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.422 billion (31 December 2015 est.) $6.907 billion (31 December 2014 est.)
country comparison to the world: 88
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$17.98 billion (31 December 2015 est.) $16.92 billion (31 December 2014 est.)
country comparison to the world: 92
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$9.06 billion (31 December 2015 est.) $8.431 billion (31 December 2014 est.)
country comparison to the world: 105
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$15.17 billion (31 December 2012 est.) $14.73 billion (31 December 2011) $12.16 billion (31 December 2010 est.)
country comparison to the world: 68
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$196 million (2015 est.) $1.637 billion (2014 est.)
country comparison to the world: 46
[see also: Current account balance country ranks ]

Exports:
$8.713 billion (2015 est.) $11.73 billion (2014 est.)
country comparison to the world: 94
[see also: Exports country ranks ]

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 29.1%, Argentina 9.3%, Brazil 6.6%, Chile 5.9%, Peru 4.5% (2014)

Imports:
$7.62 billion (2015 est.) $8.904 billion (2014 est.)
country comparison to the world: 108
[see also: Imports country ranks ]

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

Imports - partners:
US 34.6%, Brazil 7.7%, Gabon 6.2%, China 6.1%, Russia 5%, Canada 4.1% (2014)

Reserves of foreign exchange and gold:
$11.69 billion (31 December 2015 est.) $11.98 billion (31 December 2014 est.)
country comparison to the world: 73
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.879 billion (31 December 2014 est.) $4.676 billion (31 December 2013 est.)
country comparison to the world: 131
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$102 billion (31 December 2008 est.) $12.44 billion (2007)
country comparison to the world: 44
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$3.829 billion (2007)
country comparison to the world: 72
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Trinidad and Tobago dollars (TTD) per US dollar - 6.38 (2015 est.) 6.4 (2014 est.) 6.4 (2013 est.) 6.39 (2012 est.) 6.41 (2011 est.)