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Economy

Currency

TT$, managed float against the USD.

Policy

Economic policy is directed to the development of a robust and open market-driven economy. Trade liberalisation and public sector rationalisation are being pursued. Private enterprise and public/private sector partnerships are strongly encouraged. The Government is committed to facilitating foreign investment in the country and, in this regard, legislation has been enacted which removes restrictions on foreign investment and provides various incentives to investors.

Performance

The economy of T&T is diversified with a high level of industrialisation. There is heavy dependence on the energy sector which comprises crude oil and natural gas production and gas-based downstream industries. For the past seven decades, the sector has contributed significantly to the country’s GDP, Government revenues and foreign exchange earnings. In 2016, the energy sector accounted for 34.6% of GDP and 78.0% of export earnings. Table 1 below shows the contribution of the sector to GDP, Government revenues and foreign exchange earnings between 2002 and 2016.

Table 1: Contribution of the Energy Sector to GDP, Government Revenues, and Foreign Exchange

YEAR PERCENTAGE CONTRIBUTION OF ENERGY SECTOR TO
GDP Government Revenue Foreign Exchange
2002 26.2 26.7 75.4
2003 35.8 38.5 83.0
2004 39.1 37.3 83.5
2005 45.9 49.7 87.8
2006 47.0 54.7 89.9
2007 45.0 47.7 88.1
2008 50.8 53.8 89.9
2009 34.6 38.3 88.1
2010 42.7 42.6 88.0
2011 44.8 57.6 84.3
2012 41.4 54.0 75.7
2013 37.2 50.4 81.0
2014 34.2 48.2 83.0
2015 24.8 33.5 77.9
2016e 34.6 19.3 78.0

Source: Central Bank of Trinidad and Tobago Annual Economic Surveys

 

Box 1: Key Economic Indicators

Indicator Value
Area 4,827 m²
Population (2016 estimate based on 2011 census) 1,353.90
Labour force (2016) 641,900
Participation rate (2016) 60.00%
Unemployment rate(2nd qr. 2016) 4.40%
GDP at market prices (2016) 145.9 bn
Energy sector share of GDP (2016) 18.80%
GDP per capita (2016) US$15,511
Avg. inflation rate (2016) 3.10%
Avg. exchange rate of US$ (February 2107, mid-rate) $6.78
Net foreign reserves (end-2016) US$12.20 bn
Government revenue (current, FY 2016) TT$ 41.026 bn
Energy sector share of government revenue 19.23%
Export earnings (2015) US$11.132 bn
Energy sector share of export earnings 78.00%

Source: Central Bank of T&T