Economy - overview:
Trinidad and Tobago relies on its energy sector for much of its economic activity, and has one of the highest per capita incomes in Latin America. 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 has slowed down since then, contracting during 2009-12, making small gains in 2013 and contracting again in 2014-17. Trinidad and Tobago is buffered by considerable foreign reserves and a sovereign wealth fund that equals about one-and-a-half times the national budget, but the country is still in a recession and the government faces the dual challenge of gas shortages and a low price environment. Large-scale energy projects in the last quarter of 2017 are helping to mitigate the gas shortages.
Energy production and downstream industrial use dominate the economy. Oil and gas typically account for about 40% of GDP and 80% of exports but less than 5% of employment. Trinidad and Tobago is home to one of the largest natural gas liquefaction facilities in the Western Hemisphere. The country produces about nine times more natural gas than crude oil on an energy equivalent basis with gas contributing about two-thirds of energy sector government revenue. The US is the country’s largest trading partner, accounting for 28% of its total imports and 48% of its exports.
Economic diversification is a longstanding government talking point, and Trinidad and Tobago has much potential due to its stable, democratic government and its educated, English speaking workforce. 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. Unfortunately, a host of other factors, including low labor productivity, inefficient government bureaucracy, and corruption, have hampered economic development.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - partners: Exports - commodities: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$42.85 billion
(2017 est.)
$43.99 billion
(2016 est.)
$46.83 billion
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
114
[see also: GDP country ranks ]
$22.78 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
-2.6%
(2017 est.)
-6.1%
(2016 est.)
1.7%
(2015 est.)
country comparison to the world:
210
[see also: GDP - real growth rate country ranks ]
$31,300
(2017 est.)
$32,200
(2016 est.)
$34,400
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
65
[see also: GDP - per capita country ranks ]
26.4% of GDP
(2017 est.)
16.8% of GDP
(2016 est.)
29% of GDP
(2015 est.)
country comparison to the world:
50
[see also: Gross national saving country ranks ]
household consumption: 78.9%
(2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.4%
(2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 8.2%
(2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.6%
(2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 45.4%
(2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -48.7%
(2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 0.4%
(2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 47.8%
(2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.7%
(2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
cocoa, dasheen, pumpkin, cassava, tomatoes, cucumbers, eggplant, hot pepper, pommecythere, coconut water, poultry
petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles
-4.3%
(2017 est.)
country comparison to the world:
195
[see also: Industrial production growth rate country ranks ]
629,400
(2017 est.)
country comparison to the world:
154
[see also: Labor force country ranks ]
agriculture: 3.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 85.4%
(2016 est.)
[see also: Labor force - by occupation - services country ranks ]
4.9%
(2017 est.)
4%
(2016 est.)
country comparison to the world:
72
[see also: Unemployment rate country ranks ]
20%
(2014 est.)
[see also: Population below poverty line country ranks ]
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 ]
revenues: 5.581 billion
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 7.446 billion
(2017 est.)
[see also: Budget - expenditures country ranks ]
24.5% (of GDP)
(2017 est.)
country comparison to the world:
121
[see also: Taxes and other revenues country ranks ]
-8.2% (of GDP)
(2017 est.)
country comparison to the world:
200
[see also: Budget surplus (+) or deficit (-) country ranks ]
41.8% of GDP
(2017 est.)
37% of GDP
(2016 est.)
country comparison to the world:
120
[see also: Public debt country ranks ]
1 October - 30 September
1.9%
(2017 est.)
3.1%
(2016 est.)
country comparison to the world:
101
[see also: Inflation rate (consumer prices) country ranks ]
6.75%
(4 March 2016 est.)
6.75%
(31 December 2015 est.)
country comparison to the world:
54
[see also: Central bank discount rate country ranks ]
9%
(31 December 2017 est.)
9%
(31 December 2016 est.)
country comparison to the world:
94
[see also: Commercial bank prime lending rate country ranks ]
$7.247 billion
(31 December 2017 est.)
$6.72 billion
(31 December 2016 est.)
country comparison to the world:
89
[see also: Stock of narrow money country ranks ]
$7.247 billion
(31 December 2017 est.)
$6.72 billion
(31 December 2016 est.)
country comparison to the world:
91
[see also: Stock of broad money country ranks ]
$10.55 billion
(31 December 2017 est.)
$9.718 billion
(31 December 2016 est.)
country comparison to the world:
106
[see also: Stock of domestic credit country ranks ]
$177.4 million
(31 December 2015 est.)
$171.6 million
(31 December 2014 est.)
$170 million
(31 December 2013 est.)
country comparison to the world:
118
[see also: Market value of publicly traded shares country ranks ]
$2.325 billion
(2017 est.)
-$653 million
(2016 est.)
country comparison to the world:
37
[see also: Current account balance country ranks ]
$9.927 billion
(2017 est.)
$8.714 billion
(2016 est.)
country comparison to the world:
94
[see also: Exports country ranks ]
US 34.8%, Argentina 9%
(2017)
petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, cereal and cereal products, cocoa, fish, preserved fruits, cosmetics, household cleaners, plastic packaging
$6.105 billion
(2017 est.)
$6.858 billion
(2016 est.)
country comparison to the world:
121
[see also: Imports country ranks ]
mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals
US 23.8%, Russia 15.3%, Colombia 11.1%, Gabon 10.5%, China 7.3%
(2017)
$8.892 billion
(31 December 2017 est.)
$9.995 billion
(31 December 2016 est.)
country comparison to the world:
77
[see also: Reserves of foreign exchange and gold country ranks ]
$8.238 billion
(31 December 2017 est.)
$8.746 billion
(31 December 2016 est.)
country comparison to the world:
120
[see also: Debt - external country ranks ]
$382.9 million
(31 December 2014 est.)
$311.7 million
(31 December 2013 est.)
country comparison to the world:
131
[see also: Stock of direct foreign investment - at home country ranks ]
$1.266 billion
(2014 est.)
$2.061 billion
(2013 est.)
country comparison to the world:
87
[see also: Stock of direct foreign investment - abroad country ranks ]
Trinidad and Tobago dollars (TTD) per US dollar -
6.78
(2017 est.)
6.669
(2016 est.)
6.669
(2015 est.)
6.4041
(2014 est.)
6.4041
(2013 est.)