Trinidad and Tobago

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Trinidad and Tobago - In Short.

Overview of Trinidad and Tobago

First colonized by the Spanish, the islands came under British control in the early 19th century. The islands’ sugar industry was hurt by the emancipation of the slaves in 1834. Manpower was replaced with the importation of contract laborers from India between 1845 and 1917, which boosted sugar production as well as the cocoa industry. The discovery of oil on Trinidad in 1910 added another important export. Independence was attained in 1962. The country is one of the most prosperous in the Caribbean thanks largely to petroleum and natural gas production and processing. Tourism, mostly in Tobago, is targeted for expansion and is growing. The government is struggling to reverse a surge in violent crime.
Value
Country Full Name
Trinidad and Tobago
Country Code
TTO
Region
Latin America & Caribbean
Income Group
High income
Currency Unit
GDP
21588037505
Population
1399491
Land Area
5130
Net National Income Per Capita
13035.71954
GDP per Capita (PPP)
25023.69525

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Trinidad and Tobago - Economic

Economy of Trinidad and Tobago

Trinidad and Tobago relies on its energy sector for much of its economic activity, 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, contracting during 2009-12, making small gains in 2013 and contracting again in 2014-17. Trinidad and Tobago is buffered by considerable foreign reserves and a sovereign wealth fund that equals about one-and-a-half times the national budget, but the country is still in a recession and the government faces the dual challenge of gas shortages and a low price environment. Large-scale energy projects in the last quarter of 2017 are helping to mitigate the gas shortages.Energy production and downstream industrial use dominate the economy. Oil and gas typically account for about 40% of GDP and 80% of exports but less than 5% of employment. Trinidad and Tobago is home to one of the largest natural gas liquefaction facilities in the Western Hemisphere. The country produces about nine times more natural gas than crude oil on an energy equivalent basis with gas contributing about two-thirds of energy sector government revenue. The US is the country’s largest trading partner, accounting for 28% of its total imports and 48% of its exports.Economic diversification is a longstanding government talking point, and Trinidad and Tobago has much potential due to its stable, democratic government and its educated, English speaking workforce. The country is also a regional financial center with a well-regulated and stable financial system. Other sectors the Government of Trinidad and Tobago has targeted for increased investment and projected growth include tourism, agriculture, information and communications technology, and shipping. Unfortunately, a host of other factors, including low labor productivity, inefficient government bureaucracy, and corruption, have hampered economic development.

Unemployment Rate

Inflation Rate

Trinidad and Tobago - GDP Composition

GDP Composiiton & Value Added of Trinidad and Tobago

Last Updated: Jan, 2021, Updated For 2020.

Trinidad and Tobago - GDP, Value Added

Demographics of Trinidad and Tobago

population on Trinidad is concentrated in the western half of the island, on Tobago in the southern half
Geographic Location

Caribbean, islands between the Caribbean Sea and the North Atlantic Ocean, northeast of Venezuela

Races

East Indian 35.4%, African descent 34.2%, mixed - other 15.3%, mixed - African/East Indian 7.7%, other 1.3%, unspecified 6.2% (2011 est.)

Languages

English (official), Trinidadian Creole English, Tobagonian Creole English, Caribbean Hindustani (a dialect of Hindi), Trinidadian Creole French, Spanish, Chinese

Religion

Protestant 32.1% (Pentecostal/Evangelical/Full Gospel 12%, Baptist 6.9%, Anglican 5.7%, Seventh Day Adventist 4.1%, Presbyterian/Congregational 2.5%, other Protestant 0.9%), Roman Catholic 21.6%, Hindu 18.2%, Muslim 5%, Jehovah's Witness 1.5%, other 8.4%, none 2.2%, unspecified 11.1% (2011 est.)

Dependency & Expectancy of Trinidad and Tobago

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Trinidad and Tobago - Social Media Briefing

Trinidad and Tobago - Social Media & Social Commerce

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Politics & Policies of Trinidad and Tobago

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AOSIS, C, Caricom, CDB, CELAC, EITI (compliant country), FAO, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, MIGA, NAM, OAS, OPANAL, OPCW, Pacific Alliance (observer), Paris Club (associate), UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Trinidad and Tobago

Export of Trinidad and Tobago

Import Destination

Export Destination