Trinidad and Tobago Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income Caribbean economy; major hydrocarbon exporter; key tourism and finance sectors; high inflation and growing public debt; long foreign currency access delays; large foreign reserves and sovereign wealth fund

Real GDP (purchasing power parity)

$35.147 billion (2021 est.)

$35.511 billion (2020 est.)

$38.465 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-1.03% (2021 est.)

-7.68% (2020 est.)

0.11% (2019 est.)

Real GDP per capita

$23,000 (2021 est.)

$23,400 (2020 est.)

$25,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$24.031 billion (2019 est.)

Inflation rate (consumer prices)

2.06% (2021 est.)

0.6% (2020 est.)

1% (2019 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

-0.99% (2021 est.)

Labor force

702,900 (2021 est.)

Labor force - by occupation

agriculture: 3.1%

industry: 11.5%

services: 85.4% (2016 est.)

Unemployment rate

4.8% (2021 est.)

4.57% (2020 est.)

3.42% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 12.7%

male: 12.8%

female: 12.6% (2021 est.)

Population below poverty line

20% (2014 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $4.939 billion (2020 est.)

expenditures: $7.528 billion (2020 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

19.52% (of GDP) (2018 est.)

Fiscal year

1 October - 30 September

Current account balance

$2.9 billion (2021 est.)

-$1.356 billion (2020 est.)

$1.02 billion (2019 est.)

Exports

$11.467 billion (2021 est.) note: data are in current year dollars

$6.44 billion (2020 est.) note: data are in current year dollars

$9.566 billion (2019 est.)

Exports - partners

United States 37%, Guyana 6%, China 5%, Mexico 4%, Belgium 4% (2021)

Exports - commodities

ammonia, industrial alcohols, natural gas, crude petroleum, iron products, fertilizers, refined petroleum (2021)

Imports

$8.592 billion (2021 est.) note: data are in current year dollars

$6.785 billion (2020 est.) note: data are in current year dollars

$7.96 billion (2019 est.)

Imports - partners

United States 37%, China 9%, Mexico 6%, Brazil 5%, Canada 4% (2021)

Imports - commodities

refined petroleum, iron, excavation machinery, ships, cars (2021)

Reserves of foreign exchange and gold

$6.88 billion (31 December 2021 est.)

$6.954 billion (31 December 2020 est.)

$6.929 billion (31 December 2019 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 -

6.759 (2021 est.)

6.751 (2020 est.)

6.754 (2019 est.)

6.771 (2018 est.)

6.78 (2017 est.)

NOTE: The information regarding Trinidad and Tobago on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Trinidad and Tobago 2023 information contained here. All suggestions for corrections of any errors about Trinidad and Tobago 2023 should be addressed to the CIA or the source cited on each page.