Trinidad and Tobago Economy is characterized by an urban based population dependent predominantly on the oil sector. The
economy of Trinidad and Tobago was so much dependent on the oil sector, that a world wide slump in the oil prices in the mid and end 1980s resulted in a major economic crisis for that country.
Some essential
Trinidad and Tobago economic parameters are:
- Gross Domestic Product (GDP) for the year 2006 was US $ 14.9 billion
- GDP (Purchasing Power Parity - PPP) in 2006 was US $ 21.12 billion
- Per capita GDP (PPP) for the same year was US $ 19,800
- Real growth rate of GDP in 2006 was estimated at 11.9%
- In 2006, the industrial sector accounted for 57.7% of the total Gross Domestic Product, followed by 41.5% from the services sector, and remaining 0.7% from the agricultural sector
- Out of the total labor force of 618,000 in 2006, services employed 64.1%, manufacturing and mining engaged 14%, followed by 12.4 % in construction, and agriculture 9.5%.
- Unemployment rate was 7% in 2006
- Inflation rate in 2006 was estimated at 8%
- Budget revenue in 2006 was US $ 6.591 billion, and budget expenditure was US $ 5.649 billion
- Public debt in 2006 was estimated at 36.6% of Gross Domestic Product
- Gross Fixed Investment was 19.1% of GDP in 2006
- 21% of the populace was living below the poverty line as per 1992 figures
Petroleum and petroleum products form the greater part of Trinidad and Tobago's exports. The other goods include cocoa, coffee, sugar, citrus fruits, flowers, fertilizers, chemicals and steel products. Among the imports are manufactured goods, machinery, transportation equipment, food and live stock. Brazil, Jamaica, Venezuela and United States are the main trading partners of Trinidad and Tobago.
The currency of Trinidad and Tobago is Trinidad and Tobago Dollar (TTD). The exchange rate in 2006 was US $ 1 = TTD 6.3107.
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