Economy of Trinidad and Tobago

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Economy of Trinidad and Tobago

Port of Spain, the financial centre of Trinidad and Tobago
Currency	Trinidad and Tobago dollar (TTD, TT$)
Fiscal year	1 October – 30 September
Trade organisations	WTO, CARICOM
Country group	Developing/Emerging[1] High-income economy[2]
Statistics
Population	1,367,558 (2021)[3]
GDP	$22.718 billion (nominal, 2020 est.)[4] $36.418 billion (PPP, 2020 est.)[4]
GDP rank	115th (nominal, 2020) 128th (PPP, 2020)
GDP growth	−1.9% (2017) 0.3% (2018) 0.0% (2019e) 1.5% (2020f)[4]
GDP per capita	$16,197 (nominal, 2020 est.)[4] $25,964 (PPP, 2020 est.)[4]
GDP per capita rank	52rd (nominal, 2020) 58th (PPP, 2020)
GDP by sector	agriculture: 0.4%; industry: 48.8%; services: 50.8% (2017 est.)
Inflation (CPI)	4.5% (June 2022)[5]
Population below poverty line	4% (2007 est.)
Gini coefficient	39.0 (2012 est.)
Human Development Index	0.796 high (2019)[6] (67th) N/A IHDI (2019)[7]
Labour force	589,100 (Q3 2020)[8]
Labour force by occupation	agriculture: 3.8%; manufacturing, mining, and quarrying: 12.8%; construction and utilities: 20.40%; services: 62.9% (2007 est.)
Unemployment	6.1% (Q3 2020)[8]
Main industries	petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles
External
Exports	$11 billion (2015 est.)
Export goods	petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, cereal and cereal products, sugar, cocoa, coffee, citrus fruit, vegetables, flowers
Main export partners	United States(+) 37%  Brazil(+) 8.2%  Argentina(+) 8.0%  Chile(+) 7.2%  Peru(+) 4.5% (2015 est.)[9]
Imports	$5.9 billion (2015 est.)
Import goods	mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals
Main import partners	United States(+) 38%  China(-) 8.2%  Singapore(+) 4.6% (2015 est.)[10]
Gross external debt	$32.06 billion (2021)[11]
Public finances
Government debt	92.1% of GDP (Jun 2021 est.)[12]
Revenues	TT$43.33 billion (2022 est.)
Expenses	TT$52.43 billion (2022 est.)[13]
Credit rating	Standard & Poor's:[14] BBB- Outlook: Stable Moody's:[15] Ba2 Outlook: Stable
Foreign reserves	$6.75 billion (Jan 2022 est.)[16]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of Trinidad and Tobago is the third wealthiest in the Caribbean and the fifth-richest by GDP (PPP) per capita in the Americas.^[17] Trinidad and Tobago is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial,^[18] with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.^[19][20]

Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Recent growth has been fueled by investments in liquefied natural gas (LNG) and petrochemicals. Additional petrochemical, aluminium, and plastics projects are in various stages of planning.

Trinidad and Tobago is the largest Caribbean producer of natural gas in CARICOM and the second largest producer of oil after Guyana, and its economy is heavily dependent upon these resources. It also supplies manufactured goods, notably food and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment.