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.
-2.6% (2017 est.)
-6.1% (2016 est.)
1.7% (2015 est.)
1.9% (2017 est.)
3.1% (2016 est.)
Moody's rating: Ba1 (2017)
Standard & Poors rating: BBB- (2020)
$36.514 billion (2019 est.)
$36.515 billion (2018 est.)
$36.605 billion (2017 est.)
note: data are in 2010 dollars
$24.031 billion (2019 est.)
$26,176 (2019 est.)
$26,273 (2018 est.)
$26,448 (2017 est.)
note: data are in 2010 dollars
26.4% of GDP (2017 est.)
16.8% of GDP (2016 est.)
29% of GDP (2015 est.)
agriculture: 0.4% (2017 est.)
industry: 47.8% (2017 est.)
services: 51.7% (2017 est.)
household consumption: 78.9% (2017 est.)
government consumption: 16.4% (2017 est.)
investment in fixed capital: 8.2% (2017 est.)
investment in inventories: 0.6% (2017 est.)
exports of goods and services: 45.4% (2017 est.)
imports of goods and services: -48.7% (2017 est.)
Overall score: 61.3 (2020)
Starting a Business score: 88.6 (2020)
Trading score: 62.6 (2020)
Enforcement score: 35.6 (2020)
poultry, fruit, coconuts, citrus fruit, milk, plantains, maize, oranges, eggs, gourds
petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles
-4.3% (2017 est.)
629,400 (2017 est.)
agriculture: 3.1%
industry: 11.5%
services: 85.4% (2016 est.)
4.9% (2017 est.)
4% (2016 est.)
20% (2014 est.)
lowest 10%: NA
highest 10%: NA
revenues: 5.581 billion (2017 est.)
expenditures: 7.446 billion (2017 est.)
24.5% (of GDP) (2017 est.)
-8.2% (of GDP) (2017 est.)
41.8% of GDP (2017 est.)
37% of GDP (2016 est.)
1 October - 30 September
$2.325 billion (2017 est.)
-$653 million (2016 est.)
$9.927 billion (2017 est.)
$8.714 billion (2016 est.)
United States 33%, Guyana 9%, Spain 6%, China 6% (2019)
natural gas, industrial alcohols, crude petroleum, ammonia, iron products, refined petroleum (2019)
$6.105 billion (2017 est.)
$6.858 billion (2016 est.)
United States 40%, Guyana 19%, China 6% (2019)
refined petroleum, excavation machinery, shipping containers, iron, cars (2019)
$8.892 billion (31 December 2017 est.)
$9.995 billion (31 December 2016 est.)
$8.238 billion (31 December 2017 est.)
$8.746 billion (31 December 2016 est.)
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.)
NOTE: The information regarding Trinidad and Tobago on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Trinidad and Tobago 2021 information contained here. All suggestions for corrections of any errors about Trinidad and Tobago 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.