Economy of Trinidad and Tobago
Port of Spain, the financial centre of Trinidad and Tobago | |
| Currency | Trinidad and Tobago dollar (TTD, TT$) |
|---|---|
| 1 October – 30 September | |
Trade organisations | WTO, CARICOM |
Country group | |
| Statistics | |
| Population | 1,367,558 (2021) |
| GDP | |
| GDP rank | |
GDP growth |
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GDP per capita |
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GDP per capita rank | |
GDP by sector | agriculture: 0.4%; industry: 48.8%; services: 50.8% (2017 est.) |
| 4.5% (June 2022) | |
Population below poverty line | 4% (2007 est.) |
| 39.0 (2012 est.) | |
Labour force | 589,100 (Q3 2020) |
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) |
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.) |
| 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.) |
Gross external debt | $32.06 billion (2021) |
| Public finances | |
| 92.1% of GDP (Jun 2021 est.) | |
| $6.75 billion (Jan 2022 est.) | |
| Revenues | TT$43.33 billion (2022 est.) |
| Expenses | TT$52.43 billion (2022 est.) |
All values, unless otherwise stated, are in US dollars. | |
Trinidad and Tobago is a high-income economy, with a GDP per capita (at 2024$ PPP) of about $36000, which is slightly less than the Bahamas and Panama (both at about $41000) and significantly less than Canada (about $65000), Guyana (about $80000), and the US (about $86000). Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.
Trinidad and Tobago was ranked as having one of the poorest investment climates in the Caribbean (15th of 17 countries) in 2024. Its per capita GDP experienced rapid growth through the mid-2000s (grew by 7.1% per annum in the 10 years through 2006), but has since stagnated and then declined (shrank by 1.8% per annum in the 10 years through 2023). Growth through the mid-2000s was fueled by investments in liquefied natural gas (LNG) and petrochemicals. Additional petrochemical, aluminium, and plastics projects are in various stages of planning.
In 2023, Trinidad and Tobago was the 42nd largest producer of natural gas in the world (and the largest in the Caribbean); it was the 55th largest producer of oil in the world (and the 2nd largest in the Caribbean after Guyana). Its economy is heavily dependent on 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.