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Trinidad and Tobago Economy

By: EconomyWatch Content Date: 31 March 2010

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Trinidad and Tobago is a country situated in the southern Caribbean islands, lying northeast to Venezuela and south of Grenada in the Lesser Antilles. T&T shares maritime boundaries with Barbados, Guyana and Venezuela. The country has an area of almost 2000 square miles, and consists of two main islands, Trinidad and Tobago, and numerous others. As of 2005, 96% of the nation’s 1.3 million inhabitants lived in Trinidad, with the rest in Tobago and other smaller islands. The two major ethnic groups in the country are the Indo-Trinidadians and the Afro-Trinidadians. Other groups include people of European, Chinese and Syrian-Lebanese descent.

The Trinidad and Tobago economy is well known for being an excellent investment site for multinational businesses. The country has one of the highest growth rates and per capita incomes in Latin America. The economy grew by more than 8% between 2000 and 2007. However, due to the global economic downturn in 2008-2009, the T&T economy contracted by 2.7% in 2009. The nation’s growth has been fueled by investments in the LNG sector, and is heavily dependent on oil and natural gas production. T&T is a renowned financial center in the region and is a leading economy in the Caribbean.

Trinidad and Tobago Economic Profile: GDP and Labor

Trinidad and Tobago’s GDP - official exchange rate in 2009 was $23 billion. The following chart shows Trinidad and Tobago’s GDP-PPP during 2007-2009. (All data are in US dollars.)

Trinidad and Tobago’s GDP-PPP 2007-2009

The chart below shows T&T’s GDP - real growth rate during 2007-2009. (All data are in percentages.)

Trinidad and Tobago’s GDP real growth rate 2007-2009

The next chart shows T&T’s GDP - per capita during 2007-2009. (All data are in US dollars.)

Trinidad and Tobago’s GDP-per capita 2007-2009

The following chart illustrates a breakdown of Trinidad and Tobago’s GDP by sectors. (All data are in percentages.)

Trinidad and Tobago’s GDP by sectors 2007-2009

T&T’s total labor force stood at 629,200, according to the 2009 estimates. The rate of unemployment in T&T was 7.5% in 2009, up from 4.6% in 2008. The next chart illustrates Trinidad and Tobago’s breakup of labor force by occupation in various sectors. (All data are in percentages.)

Trinidad and Tobago’s breakup of labor force by occupation in various sectors