Trinidad and Tobago Economic Forecast
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When it comes to foreign investments, both Trinidad and Tobago have built a solid reputation for being one of the best. In addition, these Latin American countries have enjoyed one of the highest growth rates, as well as per capita for income over the prior seven years. Considering the regional average is 3.7% and Trinidad and Tobago have averaged 8%, it is easy to see the strength of the economy in these areas. However, during the period of the world financial crisis, the countries have dropped down to about 5%.
When it comes to foreign investments, both Trinidad and Tobago have built a solid reputation for being one of the best. In addition, these Latin American countries have enjoyed one of the highest growth rates, as well as per capita for income over the prior seven years. Considering the regional average is 3.7% and Trinidad and Tobago have averaged 8%, it is easy to see the strength of the economy in these areas. However, during the period of the world financial crisis, the countries have dropped down to about 5%.
While a reduction, this remains higher than other countries in Latin America. Today, Trinidad and Tobago are top producers of hydrocarbons, which accounts for about 40% of the Gross Domestic Product, along with 80% of exports. Even so, the economy relies heavily on these resources. However, these countries manufacture food stuffs, beverages, and for the Caribbean region, cement. Other sectors that support the economy include tourism, transportation, and finances. Because of expanding import and export surplus, the economy of Trinidad and Tobago has done well. The primary challenge is that with pricing for hydrocarbons on the decline, government earnings have been reduced. This means the commitment made by the government will have a difficult time sustaining high levels of public investment as promised.
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Trinidad and Tobago GDP Forecast
From 2000 to 2007, Trinidad and Tobago experienced significant GDP growth but when the global financial crisis hit, some decline was experienced although the GDP was still higher than other Latin American countries. Currently, Trinidad and Tobago are appealing for foreign investors, primarily due to being known as a solid financial center in the Latin American region, as well as the Caribbean. For the Trinidad and Tobago GDP (Gross Domestic Product, Current Prices, US Dollars), 2009 closed out at $20.38 billion in US currency. From the prior year’s report of $25.93 billion, this change was a reduction of 21.39%, placing Trinidad and Tobago at number 96 for world rankings. Using a specific index value, experts forecast 2010’s GDP to be at much the same, closing around $22.35 billion. However, by 2015, it is expected that a more significant change will occur, putting that year at a GDP of $33.014 billion, US dollars.
Trinidad and Tobago Unemployment Forecast
The most recent numbers for the Trinidad and Tobago population is at 1.5 million. Of this number, inhabitants live on several islands and fall into the Indo-Trinidadian and Afro-Trinidadian ethnic group although European, Chinese, and Syrian-Lebanese people also live there. For labor force, approximately 630,000 people work and for the Trinidad and Tobago unemployment rate, the most recent numbers are at 7.5%, an increase from 2008 that reported a rate of 4.6%. The majority of people work in the services sector, followed by construction/utilities, manufacturing, and agriculture.
Trinidad and Tobago Inflation Rate Forecast
An important part of the economy for this part of the world is the Trinidad and Tobago inflation rate. Forecasters are able to determine averages for a given year using an index of 2000=100. For 2009, the inflation rate was 6.97%, a moderate reduction of 42.16% from the previous year that closed at 12.05%. With this, Trinidad and Tobago were listed at number 47 for worldwide rankings. Now, for years 2010 and 2015, experts are predicting the inflation rate will be 3.17% and 5% respectively.
Trinidad and Tobago Current Account Balance Forecast
Forecasters also look at historical data and all transactions, excluding those with financial and capital items to determine the Trinidad and Tobago current account balance. In this case, 2009 was ranked at number 32 when it closed at $2.959 billion in US dollars. The prior year was 66.28% greater, closing 2008 out at $8.78 billion. In looking at 2010, forecasts show the current account balance at $5.36 billion, an increase of 81.25%. Regarding predictions for 2015, no significant change is expected, with this year closing at $5.817 billion in US dollars.
