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    Trinidad and Tobago Economy - 1991

      Overview: Trinidad and Tobago's petroleum-based economy began to emerge from a lengthy depression in 1990. The economy fell sharply through most of the 1980s, largely because of the decline in oil prices. This sector accounts for 80% of export earnings and more than 25% of GDP. The government, in response to the oil revenue loss, pursued a series of austerity measures that pushed the unemployment rate as high as 22% in 1988. The economy showed signs of recovery in 1990, however, helped along by rising oil prices. Agriculture employs only about 11% of the labor force and produces about 3% of GDP. Since this sector is small, it has been unable to absorb the large numbers of the unemployed. The government currently seeks to diversify its export base.

      GDP: $4.05 billion, per capita $3,363; real growth rate - 3.7% (1989)

      Inflation rate (consumer prices): 11.4% (1989)

      Unemployment rate: 20% (1990)

      Budget: revenues $1.5 billion; expenditures $1.7 billion, including capital expenditures of $NA (1991 est.)

      Exports: $1.7 billion (f.o.b., 1990 est.); commodities--includes reexports--petroleum and petroleum products 82%, steel products 9%, fertilizer, sugar, cocoa, coffee, citrus (1988); partners--US 53%, CARICOM 16%, EC 10%, Latin America 3% (1989)

      Imports: $1.3 billion (c.i.f., 1990 est.); commodities--raw materials and intermediate goods 47%, capital goods 26%, consumer goods 26% (1988); partners--US 51%, Latin America 10%, UK 8%, Canada 5%, CARICOM 6% (1989)

      External debt: $2.5 billion (1989)

      Industrial production: growth rate 5.2%, excluding oil refining (1986); accounts for 30% of GDP, including petroleum

      Electricity: 1,176,000 kW capacity; 3,468 million kWh produced, 2,730 kWh per capita (1990)

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

      Agriculture: highly subsidized sector; major crops--cocoa and sugarcane; sugarcane acreage is being shifted into rice, citrus, coffee, vegetables; poultry sector most important source of animal protein; must import large share of food needs

      Economic aid: US commitments, including Ex-Im (FY70-89), $373 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $443 million

      Currency: Trinidad and Tobago dollar (plural--dollars); 1 Trinidad and Tobago dollar (TT$) = 100 cents

      Exchange rates: Trinidad and Tobago dollars (TT$) per US$1--4.2500 (January 1991), 4.2500 (1990), 4.2500 (1989), 3.8438 (1988), 3.6000 (1987), 3.6000 (1986), 2.4500 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Trinidad and Tobago on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Trinidad and Tobago Economy 1991 information contained here. All suggestions for corrections of any errors about Trinidad and Tobago Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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