Economy of Trinidad and Tobago
Information about Economy of Trinidad and Tobago
Trinidad and Tobago experienced a real growth rate of 3.2% in 2002. This made 9 straight years of real growth after 8 years of economic decline. The government of Prime Minister Patrick Manning has continued the sound macroeconomic policies of the previous regime, and is trying to further improve the investment climate. Long-term growth looks promising, as Trinidad and Tobago further develops its hydrocarbon, petrochemical, and metals sectors--with significant increases in exports--and continues its diversification efforts in services, tourism, manufacturing, and agriculture.
Trinidad and Tobago's strong growth rate over the past few years has led to trade surpluses over the past 4 years, even with high import levels due to industrial expansion and increased consumer demand. The debt service ratio has fallen from 15.4% in 1997 to 4.4% in 2002. Unemployment continues to drop slowly, from 12.1% in 2001 to 10.4% in 2002.
The petrochemical sector, including methanol, ammonia, urea, and liquefied natural gas, has continued to grow and has experienced a new burst of activity with the resumption of fullscale production of all existing facilities. Natural gas production continues to expand and should meet the needs of the many industrial plants coming on stream in the next 3 years. The major development in 2003 was the completion of Train III at the Atlantic LNG plant. A fourth train is currently under construction. Trinidad and Tobago is the 5th largest exporter of liquefied natural gas in the world. The expansion of Atlantic LNG over the next 4 years could create the largest-single sustained phase of economic growth in Trinidad and Tobago. It has become the leading exporter of LNG to the United States, and now supplies some 65% of U.S. LNG imports. Trinidad and Tobago is experiencing a transition from an oil-based economy to a natural gas based economy. In 2002, production of natural gas averaged 1,826 million ft³ (52 million m³) per day representing an increase of 14.4% over output in 2001. Atlantic LNG consumes 47% of total natural gas production. As a whole the energy sector set a record growth rate of 9.5% in 2003. In 2002 the petrochemical sector accounted for 20.2% of central government revenue. The first major petroleum find in thirty years, by BHP Billiton in 2002 has revived production which had been falling since the 1970s.
In 2002, methanol production reached 2,828.9 thousand tons, an increase of 1.4% from the previous year. Exports at 2,782.4 thousand tons were marginally lower than in the previous year. Work continued on the two largescale methanol plants at the Point Lisas Industrial Estate during 2002. The first of these, the Atlas methanol facility, is slated to come on stream by the first quarter of 2004. The process design on the second plant, the M5000, was completed during the year. The M5000, 1.8 million tons per annum plant will be considered the world's largest of its kind and should be commissioned by early 2005.
Of the nonhydrocarbon sectors, distribution, construction, transport, communications, and manufacturing all show signs of continued growth. Agriculture, however, has been experiencing stagnant growth rates.
U.S. investment in Trinidad and Tobago exceeds one and one-quarter billion dollars. The U.S. investment average over the last 4 years was U.S.$300 million per year.
The government's economic strategy is based on fiscal and monetary discipline, private sector investment, and export-led growth.
The exchange rate in late 2004 was about $6.29=U.S.$1.00. The stability of the currency against the U.S. dollar has been maintained by the government's tight monetary policy.
Reductions in subsidies to state enterprises have contributed to fiscal soundness and lent credibility to the government's ongoing divestment program. Companies all or partially divested since 1987 include the National Fisheries Company, BWIA West Indies Airways, National Flour Mills (NFM), the Trinidad and Tobago Electricity Commission, TT Methanol Company, Trinidad Cement, the Iron and Steel Company of Trinidad and Tobago (ISCOTT), and the Water and Sewerage Authority (WASA). BWIA has now been dissolved by the government and replaced by a new carrier. In May 1997, the government sold its remaining 69% interest in the Trinidad and Tobago Methanol Company to a consortium consisting of the local firm CL Financial and Germany's Ferrostaal and Helm. NFM was divested by an additional 14% in 1997, bringing the government's holding down to 51%. The government is currently considering creating a holding company to bring its remaining shares in several formerly wholly government-owned enterprises to market.
Trinidad and Tobago's infrastructure is adequate by regional standards. The national airport has recently been expanded. There is an extensive network of paved roads, and utilities are fairly reliable in the cities. Some areas, however, especially rural districts, still suffer from water shortages, power failures, and inadequate drainage. Some companies presently constructing large industrial plants at the Point Lisas Industrial Estate in central Trinidad are concerned that water supply to their plants will not be adequate. The government is addressing this problem with the construction of a desalinization plant. Infrastructure improvement, especially rural roads and bridges, rural electrification and telephone service, and drainage and sewerage, are among the government's budget priorities, and are generously supported by the multilateral development agencies and the European Union.
Telephone service is relatively modern and reliable, although higher priced than comparable U.S. service, since the government is contractually bound to the monopoly supplier TSTT (Telecommunication Services of Trinidad and Tobago Ltd., a joint venture between the State and Cable & Wireless (United Kingdom). Cellular service is widespread and has been the major area of growth for several years. Digicel and Laqtel were granted cellular licenses in 2005, breaking TSTT's monopoly. The Internet has come into widespread use, although service can be slow at peak times. The government has been slow to open up this market to competition as well.
GDP: purchasing power parity - $20.99 billion (2006 est.)
GDP - real growth rate: 12.6% (2006 est.)
GDP - per capita: purchasing power parity - $19,700 (2006 est.)
GDP - composition by sector:
agriculture: 0.7%
industry: 57.7%
services: 41.5% (2006 est.)
Population below poverty line: 21% (1992 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 8% (2006 est.)
Labor force: 618,000 (2006 est.)
Labor force - by occupation: construction and utilities 12.4%, manufacturing, mining, and quarrying 14%, agriculture 9.5%, services 64.1% (1997 est.)
Unemployment rate: 7% (2006 est.)
Budget:
revenues: $6.591 billion
expenditures: $5.649 billion, including capital expenditures of $117.3 million (2006 est.)
Industries: petroleum, chemicals, tourism, food processing, cement, beverages, cotton textiles
Industrial production growth rate: 17% (2006 est.)
Electricity - production: 6.049 billion kWh (2004)
Electricity - production by source:
fossil fuel: 99.27%
hydro: 0%
nuclear: 0%
other: 0.73% (1998)
Electricity - consumption: 5.626 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Agriculture - products: cocoa, sugarcane, rice, citrus, coffee, vegetables; poultry
Exports: $12.5 billion f.o.b. (2006 est.)
Exports - commodities: petroleum and petroleum products, chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers
Exports - partners: US 68.6%, Jamaica 5.4%, Barbados 2.9% (2005)
Imports: $8.798 billion f.o.b. (2006 est.)
Imports - commodities: machinery, transport equipment, manufactured goods, food, live animals
Imports - partners: US 27.2%, Venezuela 13.1%, Brazil 13.1%, Japan 5.4%, Canada 4.1% (2005)
Debt - external: $2.838 billion (2006 est.)
Economic aid - recipient: $24 million (1999 est.)
Currency: 1 Trinidad and Tobago dollar (TT$) = 100 cents
Exchange rates: Trinidad and Tobago dollars (TT$) per US$1 : 6.2842 (2005), 6.2990 (2004), 6.2951 (2003), 6.2487 (2002), 6.2332 (2001), 6.2697 (2000), 6.2963 (1999), 6.2983 (1998), 6.2517 (1997), 6.0051 (1996), 5.9478 (1995)
Fiscal year: 1 October - 30 September
In economics, an export is any good or commodity, transported from one country to another country in a legitimate fashion, typically for use in trade.
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Trinidad and Tobago's strong growth rate over the past few years has led to trade surpluses over the past 4 years, even with high import levels due to industrial expansion and increased consumer demand. The debt service ratio has fallen from 15.4% in 1997 to 4.4% in 2002. Unemployment continues to drop slowly, from 12.1% in 2001 to 10.4% in 2002.
The petrochemical sector, including methanol, ammonia, urea, and liquefied natural gas, has continued to grow and has experienced a new burst of activity with the resumption of fullscale production of all existing facilities. Natural gas production continues to expand and should meet the needs of the many industrial plants coming on stream in the next 3 years. The major development in 2003 was the completion of Train III at the Atlantic LNG plant. A fourth train is currently under construction. Trinidad and Tobago is the 5th largest exporter of liquefied natural gas in the world. The expansion of Atlantic LNG over the next 4 years could create the largest-single sustained phase of economic growth in Trinidad and Tobago. It has become the leading exporter of LNG to the United States, and now supplies some 65% of U.S. LNG imports. Trinidad and Tobago is experiencing a transition from an oil-based economy to a natural gas based economy. In 2002, production of natural gas averaged 1,826 million ft³ (52 million m³) per day representing an increase of 14.4% over output in 2001. Atlantic LNG consumes 47% of total natural gas production. As a whole the energy sector set a record growth rate of 9.5% in 2003. In 2002 the petrochemical sector accounted for 20.2% of central government revenue. The first major petroleum find in thirty years, by BHP Billiton in 2002 has revived production which had been falling since the 1970s.
In 2002, methanol production reached 2,828.9 thousand tons, an increase of 1.4% from the previous year. Exports at 2,782.4 thousand tons were marginally lower than in the previous year. Work continued on the two largescale methanol plants at the Point Lisas Industrial Estate during 2002. The first of these, the Atlas methanol facility, is slated to come on stream by the first quarter of 2004. The process design on the second plant, the M5000, was completed during the year. The M5000, 1.8 million tons per annum plant will be considered the world's largest of its kind and should be commissioned by early 2005.
Of the nonhydrocarbon sectors, distribution, construction, transport, communications, and manufacturing all show signs of continued growth. Agriculture, however, has been experiencing stagnant growth rates.
U.S. investment in Trinidad and Tobago exceeds one and one-quarter billion dollars. The U.S. investment average over the last 4 years was U.S.$300 million per year.
The government's economic strategy is based on fiscal and monetary discipline, private sector investment, and export-led growth.
The exchange rate in late 2004 was about $6.29=U.S.$1.00. The stability of the currency against the U.S. dollar has been maintained by the government's tight monetary policy.
Reductions in subsidies to state enterprises have contributed to fiscal soundness and lent credibility to the government's ongoing divestment program. Companies all or partially divested since 1987 include the National Fisheries Company, BWIA West Indies Airways, National Flour Mills (NFM), the Trinidad and Tobago Electricity Commission, TT Methanol Company, Trinidad Cement, the Iron and Steel Company of Trinidad and Tobago (ISCOTT), and the Water and Sewerage Authority (WASA). BWIA has now been dissolved by the government and replaced by a new carrier. In May 1997, the government sold its remaining 69% interest in the Trinidad and Tobago Methanol Company to a consortium consisting of the local firm CL Financial and Germany's Ferrostaal and Helm. NFM was divested by an additional 14% in 1997, bringing the government's holding down to 51%. The government is currently considering creating a holding company to bring its remaining shares in several formerly wholly government-owned enterprises to market.
Trinidad and Tobago's infrastructure is adequate by regional standards. The national airport has recently been expanded. There is an extensive network of paved roads, and utilities are fairly reliable in the cities. Some areas, however, especially rural districts, still suffer from water shortages, power failures, and inadequate drainage. Some companies presently constructing large industrial plants at the Point Lisas Industrial Estate in central Trinidad are concerned that water supply to their plants will not be adequate. The government is addressing this problem with the construction of a desalinization plant. Infrastructure improvement, especially rural roads and bridges, rural electrification and telephone service, and drainage and sewerage, are among the government's budget priorities, and are generously supported by the multilateral development agencies and the European Union.
Telephone service is relatively modern and reliable, although higher priced than comparable U.S. service, since the government is contractually bound to the monopoly supplier TSTT (Telecommunication Services of Trinidad and Tobago Ltd., a joint venture between the State and Cable & Wireless (United Kingdom). Cellular service is widespread and has been the major area of growth for several years. Digicel and Laqtel were granted cellular licenses in 2005, breaking TSTT's monopoly. The Internet has come into widespread use, although service can be slow at peak times. The government has been slow to open up this market to competition as well.
GDP: purchasing power parity - $20.99 billion (2006 est.)
GDP - real growth rate: 12.6% (2006 est.)
GDP - per capita: purchasing power parity - $19,700 (2006 est.)
GDP - composition by sector:
agriculture: 0.7%
industry: 57.7%
services: 41.5% (2006 est.)
Population below poverty line: 21% (1992 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 8% (2006 est.)
Labor force: 618,000 (2006 est.)
Labor force - by occupation: construction and utilities 12.4%, manufacturing, mining, and quarrying 14%, agriculture 9.5%, services 64.1% (1997 est.)
Unemployment rate: 7% (2006 est.)
Budget:
revenues: $6.591 billion
expenditures: $5.649 billion, including capital expenditures of $117.3 million (2006 est.)
Industries: petroleum, chemicals, tourism, food processing, cement, beverages, cotton textiles
Industrial production growth rate: 17% (2006 est.)
Electricity - production: 6.049 billion kWh (2004)
Electricity - production by source:
fossil fuel: 99.27%
hydro: 0%
nuclear: 0%
other: 0.73% (1998)
Electricity - consumption: 5.626 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Agriculture - products: cocoa, sugarcane, rice, citrus, coffee, vegetables; poultry
Exports: $12.5 billion f.o.b. (2006 est.)
Exports - commodities: petroleum and petroleum products, chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers
Exports - partners: US 68.6%, Jamaica 5.4%, Barbados 2.9% (2005)
Imports: $8.798 billion f.o.b. (2006 est.)
Imports - commodities: machinery, transport equipment, manufactured goods, food, live animals
Imports - partners: US 27.2%, Venezuela 13.1%, Brazil 13.1%, Japan 5.4%, Canada 4.1% (2005)
Debt - external: $2.838 billion (2006 est.)
Economic aid - recipient: $24 million (1999 est.)
Currency: 1 Trinidad and Tobago dollar (TT$) = 100 cents
Exchange rates: Trinidad and Tobago dollars (TT$) per US$1 : 6.2842 (2005), 6.2990 (2004), 6.2951 (2003), 6.2487 (2002), 6.2332 (2001), 6.2697 (2000), 6.2963 (1999), 6.2983 (1998), 6.2517 (1997), 6.0051 (1996), 5.9478 (1995)
Fiscal year: 1 October - 30 September
World Trade Organization (WTO)
Economy of South America | ||
|---|---|---|
| Sovereign states | Argentina Bolivia Brazil Chile Colombia Ecuador Guyana Panama* Paraguay Peru Suriname Trinidad and Tobago* Uruguay Venezuela | ){kind=small} |
| Dependencies | Aruba* (Netherlands) Falkland Islands (UK) French Guiana (France) Netherlands Antilles* (Netherlands) South Georgia and the South Sandwich Islands (UK) | |
Motto
"Together we aspire, together we achieve"
Anthem
Forged From The Love of Liberty
Capital Port of Spain
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"Together we aspire, together we achieve"
Anthem
Forged From The Love of Liberty
Capital Port of Spain
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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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government is a body that has the power to make and the authority to enforce rules and laws within a civil, corporate, religious, academic, or other organization or group.[1]
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A prime minister is the most senior minister of cabinet in the executive branch of government in a parliamentary system. The position is usually held by, but need not always be held by, a politician.
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Patrick Augustus Mervyn Manning (born August 17, 1946) is the current Prime Minister and Minister of Finance of Trinidad and Tobago and Political Leader of the People's National Movement (PNM).
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Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole.[1] Macroeconomists seek to understand the determinants of aggregate trends in an economy with particular focus on national income,
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Investment or investing[1] is a term with several closely-related meanings in business management, finance and economics, related to saving or deferring consumption.
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hydrocarbon is an organic compound consisting entirely of hydrogen and carbon. With relation to chemical terminology, aromatic hydrocarbons or arenes, alkanes, alkenes and alkyne-based compounds composed entirely of carbon or hydrogen are referred to as "Pure" hydrocarbons, whereas
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Petrochemicals are chemical products made from raw materials of petroleum (hydrocarbon) origin. (Etymologically, the name is incorrect, as the Greek root petro- means "rock"; the correct term is oleochemicals, from the Greek root oleo-, meaning "oil".
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The Macro Expansion Template Attribute Language complements TAL, providing macros which allow the reuse of code across template files. Both were created for Zope but are used in other Python projects as well.
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worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.
Please [ improve this article] or discuss the issue on the talk page.
In economics, an export is any good or commodity, transported from one country to another country in a legitimate fashion, typically for use in trade.
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Tourism is travel for predominantly recreational or leisure purposes or the provision of services to support this leisure travel. The World Tourism Organization defines tourists
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Manufacturing (from Latin manu factura, "making by hand") is the use of tools and labor to make things for use or sale. The term may refer to a vast range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw
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Agriculture (from Agri Latin for ager ("a field"), and culture, from the Latin cultura "cultivation" in the strict sense of "tillage of the soil". A literal reading of the English word yields "tillage of the soil of a field".
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Trade is the voluntary exchange of goods, services, or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services.
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International trade is the exchange of goods and services across international boundaries or territories. In most countries, it represents a significant share of GDP. While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic,
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Debt is that which is owed; usually referencing assets owed, but the term can cover other obligations. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned.
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worldwide view.
Unemployment is the state in which a worker wants, but is unable, to work. The unemployment rate is the number of unemployed workers divided by the total civilian labor force...... Click the link for more information.
Methanol, also known as methyl alcohol, carbinol, wood alcohol, wood naptha or wood spirits, is a chemical compound with chemical formula CH3OH.
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Ammonia is a compound with the formula NH3. It is normally encountered as a gas with a characteristic pungent odor. Ammonia contributes significantly to the nutritional needs of the planet as a precursor to foodstuffs and fertilizers.
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Urea is an organic compound with the chemical formula (NH2)2CO.
Urea is also known as carbamide, especially in the recommended International Nonproprietary Names (rINN) in use in Europe.
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Urea is also known as carbamide, especially in the recommended International Nonproprietary Names (rINN) in use in Europe.
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Liquefied natural gas or LNG is natural gas that has been converted to liquid form for ease of storage or transport.
The liquefaction process involves removal of certain components (such as dust, helium, or impurities that could cause difficulty downstream, e.g.
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The liquefaction process involves removal of certain components (such as dust, helium, or impurities that could cause difficulty downstream, e.g.
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The Atlantic LNG Company of Trinidad and Tobago is a liquefied natural gas (LNG) producing company operating a liquefied natural gas plant in Point Fortin, Trinidad and Tobago.
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Motto
"In God We Trust" (since 1956)
"E Pluribus Unum" ("From Many, One"; Latin, traditional)
Anthem
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"In God We Trust" (since 1956)
"E Pluribus Unum" ("From Many, One"; Latin, traditional)
Anthem
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Petroleum (Latin Petroleum derived from Greek πέτρα (Latin petra) - rock + έλαιον (Latin oleum) - oil) or crude oil
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BHP Billiton
Public (LSE: BLT , NYSE: BHP , ASX: BHP ), JSE: BIBLT )
Founded Broken Hill Proprietary Company (BHP) 1895;
Billiton plc 1860;
Merger of BHP & Billiton 2001(creation of DLC)
Headquarters Melbourne, Australia
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Public (LSE: BLT , NYSE: BHP , ASX: BHP ), JSE: BIBLT )
Founded Broken Hill Proprietary Company (BHP) 1895;
Billiton plc 1860;
Merger of BHP & Billiton 2001(creation of DLC)
Headquarters Melbourne, Australia
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construction is the building or assembly of any infrastructure on a site or sites. Although this may not be thought of as a single activity, in fact construction is a feat of multitasking.
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Transport or transportation is the movement of people and goods from one place to another. The term is derived from the Latin trans ("across") and portare ("to carry").
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Communication is a process that allows organisms to exchange information by several methods. Communication requires that all parties understand a common language that is exchanged with each other.
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In finance, the exchange rate (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other.
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