Trinidad & Tobago--Economy
CIA FactbookThe World Factbook 1993: Trinidad and Tobago Economy

Overview: Trinidad and Tobago's petroleum-based economy has begun to emerge from a lengthy depression in the last few years. The economy fell sharply through most of the 1980s, largely because of the decline in oil prices. This sector accounts for 80% of export earnings and almost 20% of GDP. The government, in response to the oil revenue loss, pursued a series of austerity measures that pushed the unemployment rate as high as 22% in 1988. The economy showed signs of recovery in 1990 and 1991, however, helped along by rising oil prices. Agriculture employs only about 11% of the labor force and produces about 3% of GDP. Since this sector is small, it has been unable to absorb the large numbers of the unemployed. The government currently seeks to diversify its export base.

National product: GDP - exchange rate conversion - $5 billion (1991)

National product real growth rate: 2.6% (1991)

National product per capita: $3,800 (1991)

Inflation rate (consumer prices): 3.8% (1991)

Unemployment rate: 18.5% (1991)

Budget: revenues $1.6 billion; expenditures $1.6 billion, including capital expenditures of $158 million (1993 est.)

Exports: $2.2 billion (f.o.b., 1991) commodities: includes reexports - petroleum and petroleum products 82%, steel products 9%, fertilizer, sugar, cocoa, coffee, citrus (1988) partners: US 49%, CARICOM 12% Imports: $1.7 billion (c.i.f., 1991) commodities: raw materials and intermediate goods 48%, capital goods 29%, consumer goods 23% (1991) partners: US 39%, Venezuela 14%, UK 7%, CARICOM 5% (1991)

External debt: $2.4 billion (1991)

Industrial production: growth rate 2.3%, excluding oil refining (1986); accounts for 40% of GDP, including petroleum

Electricity: 1,176,000 kW capacity; 3,480 million kWh produced, 2,680 kWh per capita (1992)

Industries: petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles

Agriculture: accounts for 3% of GDP; highly subsidized sector; major crops - cocoa, sugarcane; sugarcane acreage is being shifted into rice, citrus, coffee, vegetables; poultry sector most important source of animal protein; must import large share of food needs

Illicit drugs: transshipment point for South American drugs destined for the US

Economic aid: US commitments, including Ex-Im (FY70-89), $373 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $518 million

Currency: 1 Trinidad and Tobago dollar (TT$)=100 cents

Exchange rates: Trinidad and Tobago dollars (TT$) per US$1 - 4.2500 (fixed rate since 1989)

Fiscal year: calendar year