Trinidad and Tobago Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$33.21 billion (2020 est.)

$36.03 billion (2019 est.)

$36.48 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

-2.6% (2017 est.)

-6.1% (2016 est.)

1.7% (2015 est.)

Real GDP per capita

$23,700 (2020 est.)

$25,800 (2019 est.)

$26,300 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$24.031 billion (2019 est.)

Inflation rate (consumer prices)

1.9% (2017 est.)

3.1% (2016 est.)

Credit ratings

Moody's rating: Ba1 (2017)

Standard & Poors rating: BBB- (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.4% (2017 est.)

industry: 47.8% (2017 est.)

services: 51.7% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

poultry, fruit, coconuts, citrus fruit, milk, plantains, maize, oranges, eggs, gourds

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.)

Labor force

629,400 (2017 est.)

Labor force - by occupation

agriculture: 3.1%

industry: 11.5%

services: 85.4% (2016 est.)

Unemployment rate

4.9% (2017 est.)

4% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 8.7%

male: 8.9%

female: 8.4% (2016 est.)

Population below poverty line

20% (2014 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 5.581 billion (2017 est.)

expenditures: 7.446 billion (2017 est.)

Budget surplus (+) or deficit (-)

-8.2% (of GDP) (2017 est.)

Public debt

41.8% of GDP (2017 est.)

37% of GDP (2016 est.)

Taxes and other revenues

24.5% (of GDP) (2017 est.)

Fiscal year

1 October - 30 September

Current account balance

$2.325 billion (2017 est.)

-$653 million (2016 est.)

Exports

$9.57 billion (2019 est.) note: data are in current year dollars

$11.57 billion (2018 est.) note: data are in current year dollars

Exports - partners

United States 33%, Guyana 9%, Spain 6%, China 6% (2019)

Exports - commodities

natural gas, industrial alcohols, crude petroleum, ammonia, iron products, refined petroleum (2019)

Imports

$7.93 billion (2019 est.) note: data are in current year dollars

$9.16 billion (2018 est.) note: data are in current year dollars

Imports - partners

United States 40%, Guyana 19%, China 6% (2019)

Imports - commodities

refined petroleum, excavation machinery, shipping containers, iron, cars (2019)

Reserves of foreign exchange and gold

$8.892 billion (31 December 2017 est.)

$9.995 billion (31 December 2016 est.)

Debt - external

$8.238 billion (31 December 2017 est.)

$8.746 billion (31 December 2016 est.)

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.)

NOTE: The information regarding Trinidad and Tobago on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Trinidad and Tobago 2022 information contained here. All suggestions for corrections of any errors about Trinidad and Tobago 2022 should be addressed to the CIA or the source cited on each page.