18, Apr 2015, EDT. Welcome to the Trinidad and Tobago economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Trinidad and Tobago › Change country
National or Regional Currency: Trinidad and Tobago Dollar, TTD
Year of data: 2014 › Change year
Number of Indicators Listed: 39
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 1,223,916 (July 2014 est.)
Area: total: 5,128 sq km ; land: 5,128 sq km ; water: 0 sq km
Natural Resources: petroleum, natural gas, asphalt
Capital: name: Port of Spain ; geographic coordinates: 10 39 N, 61 31 W ; time difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time)
Trinidad and Tobago attracts considerable foreign direct investment from international businesses, particularly in energy, 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 and contracted during 2009-2011 due to depressed natural gas prices and changing markets. Growth had been fueled by investments in liquefied natural gas, petrochemicals, and steel with additional upstream and downstream investment planned. Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources. It also supplies manufactured goods, notably food products 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. Oil production has declined over the last decade as the country focused the majority of its efforts on natural gas. The current administration has been working to arrest this decline by opening bid rounds and providing fiscal incentives for investments in on-shore and deep water acreage to boost oil reserves and production. The government keeps a close watch on the changing global gas markets and has shown flexibility in diversifying natural gas export destinations. Although Trinidad and Tobago enjoys cheap electricity from natural gas, the renewable energy sector has recently garnered increased interest. The country is also a regional financial center with a well-regulated and stable financial system. Other sectors the Government of Trinidad and Tobago targeted for increased investment and projected growth include tourism, agriculture, information and communications technology, and shipping. The economy benefits from a growing trade surplus with the US. The US is Trinidad and Tobago's leading trade partner. The previous MANNING administration benefited from fiscal surpluses fueled by the dynamic export sector; however, declines in oil and gas prices have reduced government revenues, challenging the current government's commitment to maintaining high levels of public investment. Crime and bureaucratic hurdles continue to be the biggest deterrents for attracting more foreign direct investment and business.
More on the Trinidad and Tobago Economy
More on the Trinidad and Tobago Export, Import and Trade
GDP (Constant Prices, National Currency) for Trinidad and Tobago in year 2014 is TTD 91.316 Billion.
GDP (Current Prices, National Currency) for Trinidad and Tobago in year 2014 is TTD 190.888 Billion.
GDP (Current Prices, US Dollars) for Trinidad and Tobago in year 2014 is US$ 29.629 Billion.
GDP Deflator for Trinidad and Tobago in year 2014 is 209.041 (Index, Base Year as per country's accounts = 100).
GDP (PPP), US Dollars for Trinidad and Tobago in year 2014 is US$ 42.233 Billion.
GDP Per Capita (PPP), US Dollars for Trinidad and Tobago in year 2014 is US$ 31,264.07 .
Inflation, Average Consumer Prices (Indexed to Year 2000) for Trinidad and Tobago in year 2014 is 249.095 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Trinidad and Tobago in year 2014 is 239.331 (Index, Base Year 2000 = 100).
Population for Trinidad and Tobago in year 2014 is 1.351 Million .
General government revenue (National Currency) for Trinidad and Tobago in year 2014 is TTD 61.005 Billions.
General government total expenditure (National Currency) for Trinidad and Tobago in year 2014 is TTD 60.765 Billions.
Fiscal Year Gross Domestic Product, Current Prices for Trinidad and Tobago in year 2014 is TTD 187.812 Billions.
Current Account Balance (US Dollars) for Trinidad and Tobago in year 2014 is US$ 3.525 Billion.
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Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International