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):
$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 (CIA rank, may be based on non-current data): 115
[see also: GDP country ranks ]

GDP (official exchange rate):
$22.78 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.6% (2017 est.)
-6.1% (2016 est.)
1.7% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 210
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$31,300 (2017 est.)
$32,200 (2016 est.)
$34,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 65
[see also: GDP - per capita country ranks ]

Gross national saving:
26.4% of GDP (2017 est.)
16.8% of GDP (2016 est.)
29% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
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 ]

GDP - composition, by sector of origin:
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 ]

Agriculture - products:
cocoa, dasheen, pumpkin, cassava, tomatoes, cucumbers, eggplant, hot pepper, pommecythere, coconut water, poultry

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

Industrial production growth rate:
-4.3% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 195
[see also: Industrial production growth rate country ranks ]

Labor force:
629,400 (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 154
[see also: Labor force country ranks ]

Labor force - by occupation:
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 ]

Unemployment rate:
4.9% (2017 est.)
4% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 72
[see also: Unemployment rate country ranks ]

Population below poverty line:
20% (2014 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: 5.581 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 7.446 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
24.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 121
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.2% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 200
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
41.8% of GDP (2017 est.)
37% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 120
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
1.9% (2017 est.)
3.1% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 101
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.75% (4 March 2016 est.)
6.75% (31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 54
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9% (31 December 2017 est.)
9% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 94
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.247 billion (31 December 2017 est.)
$6.72 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 89
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.247 billion (31 December 2017 est.)
$6.72 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 91
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$10.55 billion (31 December 2017 est.)
$9.718 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 106
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$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 (CIA rank, may be based on non-current data): 118
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.325 billion (2017 est.)
-$653 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 37
[see also: Current account balance country ranks ]

Exports:
$9.927 billion (2017 est.)
$8.714 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 92
[see also: Exports country ranks ]

Exports - partners:
US 34.8%, Argentina 9% (2017)

Exports - commodities:
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

Imports:
$6.105 billion (2017 est.)
$6.858 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 120
[see also: Imports country ranks ]

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

Imports - partners:
US 23.8%, Russia 15.3%, Colombia 11.1%, Gabon 10.5%, China 7.3% (2017)

Reserves of foreign exchange and gold:
$8.892 billion (31 December 2017 est.)
$9.995 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 77
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$8.238 billion (31 December 2017 est.)
$8.746 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 120
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$382.9 million (31 December 2014 est.)
$311.7 million (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 131
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.266 billion (2014 est.)
$2.061 billion (2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 87
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
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.)