15 Queen's Park West, Port-of-Spain
mailing address:
P. O. Box 752, Port-of-Spain
telephone:
(809) 622-6372 through 6376, 6176
FAX:
(809) 628-5462
Flag:
red with a white-edged black diagonal band from the upper hoist side

*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 pro