Trinidad & Tobago is among one of the fastest growing and developed countries in the Caribbean region. The economy is primarily dependent on the petroleum sector, which contributes about 35% of the country’s GDP. However, the economy benefits from being a renowned location for investments for multinational companies.

(Source: economywatch.com, state.gov)

Gross domestic product (GDP)

In 2010, the country’s GDP was estimated at TTD 129.75 billion, growing 4.5% over 2009. The services sector contributed 57.43% to the overall GDP in 2010.

p = provisional

(Source: MOF)

Gross national income (GNI)

In 2010, the GNI per capita at PPP was USD 24,233 as compared to USD 19,427 in 2005.

(Source:UNDP)

Income tax rate

In Trinidad & Tobago, income tax on individual income is charged at a flat rate of 25%.

(Source: MOF (IRD))

Corporate tax rate

Corporate tax is charged at 25%. However, the companies engaged in long-term insurance business are charged 15% tax on their respective profits earned.

(Source: MOF (IRD))

Inflation rate

In 2010, inflation was recorded at 13.3% from January to July.

(Source: MOF, Central Bank)

(Source: Central Bank)

Foreign direct investment (FDI)

In 2009, net FDI inflow of the country amounted to USD 709.1 million, as compared to USD 2,800.8 million in 2008.

(Source: World Bank)

(Source: World Bank)

Central bank assets

Central bank assets at September 2009 amounted to TTD 71,221.75 million, of which about 92% were foreign currency assets.

(Source: Central Bank)

Non-performing loan ratio (NPLR)

In 2010, NPLR in Trinidad & Tobago was estimated at 3.9%.

p = provisional

(Source: Central Bank)

Retail price index

In 2009, the index of retail prices was registered at 158.12, increasing 6.91% over 2008.

Base year: January 2003 = 100

(Source: Central Bank)

Producer price index (PPI)

In 2010, PPI was recorded at 515.07, as compared to 501.69 in 2009.

Base year: 1978 = 100

(Source: CSO)

Interest rates

In June 2010, the interest rates were 0.7% on time deposits for a three-month period and 0.31% on saving deposits. The interest rate on loans given to prime customers was 9.5%.

(Source: MOF)

Money supply  

In Trinidad & Tobago, money supply is classified into M1 and M2, where:

M1 includes

·         Currency in circulation

·         Demand deposits

M2 includes M1 and

·         Saving deposits

·         Time deposits

(Source: MOF)

p-provisional

(Source: MOF)

Government expenditure

In 2010, preliminary government expenditure amounted to TTD 45,789.6 million. Where, subsidies and transfers accounted to 43.24% of the total expenditures.

p = provisional

(Source: MOF)

Public debt level

In 2009-10, preliminary gross public sector debts amounted to TTD 49,953.4 million.

p = provisional

(Source: MOF)

Official exchange rate

In 2009, the official exchange rate of Trinidad & Tobago Dollar (TTD) against United States Dollar (USD) was 6.2735, against Euro (EUR) – 8.5703 and against Great Britain Pound (GBP) – 9.6108.

(Source: MOF)

Government finances

Fiscal balance

In 2009-10, the Government of Trinidad & Tobago reported a preliminary fiscal deficit of TTD 3,806.9 million, as compared to a deficit of TTD 6,686 million in 2008-09.

(Source: MOF)

Government revenue

In 2009-10, preliminary government revenue and grants amounted to TTD 41,982.7 million. Of this taxes contributed about 84%. During 2009-10, total government grants amounted to TTD 3.5 million.

p = provisional

(Source: MOF)

Tax revenue

During 2009-10, the government collected taxes amounting to TTD 35,355.7 million, as compared to TTD 32,536.6 in 2008-09.

*provisional

(Source: MOF)

Current account balance

The current account balance in 2010 is estimated to be 17.83% of the GDP, as compared to 8.96% in 2009.

e=estimated

(Source: IMF)

Balance of payments (BoP)

In the third quarter of 2010, the country reported a balance of payments deficit of USD 24.5 million, as compared to a surplus of USD 322.5 million in the second quarter of 2010.

(Source: Central Bank)

Labour Force

In second quarter of 2010, total labour force of Trinidad & Tobago was 608,400. During the same period, there were 578,900 people employed in the country, of which employment was largely seen in the service sector. The Labour Participation Rate (LPR) in the second quarter of 2010 was 61%.

(Source: Central Bank, Central Bank)

(Source: Central Bank, Central Bank)

Unemployment Rate

In the second quarter of 2010, the country had an unemployment rate of 4.8%.

(Source: Central Bank, Central Bank)

Employment in Agriculture

In second quarter of 2010, around 18,400 people were engaged in the agricultural sector, representing about 3% of the total employment.

(Source: Central Bank)

Employment in Industries

There were around 167,000 people employed by the industrial sector in the second quarter of 2010, constituting about 29% to the total employment.

(Source: Central Bank)

Employment in Services

The service sector is the main employer in the country. In second quarter of 2010, there were around 393,100 people in service sector, representing about 69% to the total employment.

(Source: Central Bank)

Minimum Wage

The national minimum wage from January 2011 onwards is TTD 12.50 per hour for all workers.

(Source: MOL)

Level of Unionisation

The country has a unionisation rate of about 22%.

(Source: ilo.org)

The major trade unions in the country include:

•       All Trinidad General Workers' Trade Union (ATGWTU)
•       National Trade Union Centre of Trinidad and Tobago (NATUC)

(Source: ICFTU)

Trinidad & Tobago has a sovereign and democratic form of government, operating under the written constitution.

The executive powers are vested in the president of the country. He is assisted by the Cabinet of Ministers (the Cabinet), headed by the Prime Minister. The executive powers are divided amongst different ministries and statutory boards of the country.

The legislative powers are exercised by the parliament of Trinidad & Tobago under the supervision and control of the President. The Parliament includes the Senate and the House of Representatives. The Senate consists of 31 members, appointed by the President. There are 36 members in the House of Representatives.

(Source: ttparliament.org, nalis.gov.tt)

There are two main political parties in the country: the People's National Movement (PNM) and the United National Congress (UNC).

(Source: gettrinidad.com)

Regulatory environment

Trinidad & Tobago is ranked 52^nd in the 2011 Index of Economic Freedom, with a score of 66.5 (out of 100), increasing 0.8 points from the previous year. This rise in ranking was due to higher fiscal and monetary freedom, and an increase in government spending.

(Source: heritage.org)

Corruption perception

The country is ranked 73^rd in the Corruption Perceptions Index 2010, with a score of 3.6 (out of 10), reflecting high levels of corruption.

(Source: transperancy.org: Report)

Freedom of information

Trinidad & Tobago is ranked 30^th on the Press Freedom Index 2010, indicating that the government has few restrictions on the media.

(Source: rsf.org)

Following are some of the daily newspapers in the country:

·         Independent

·         Newsday

·         Tobago News

·         Trinidad Express

·         Trinidad Guardian

(Source: mondonewspapers.com)

Judicial system

The judicial system of Trinidad & Tobago consists of the Supreme Court (highest judiciary) and the Magistracy (lower judiciary). The Magistracy is located in 13 districts, dealing with civil matters up to a sum of TTD 15,000 and criminal matters at a small level.

The Supreme Court is comprised of a High Court and a Court of Appeal. The High Court deals with civil and criminal matters outside the limit of the Magistracy, whereas the Court of Appeal hears issues from both the High Court and the Magistracy.

(Source: ttlawcourts.org, nalis.gov.tt)

In mid-2010, the population of Trinidad & Tobago was estimated at 1,317,714. According to the estimates, males constitute 50.15% of the total population, while about 25% of the population fall under the age group 0-14 years.

*estimated

(Source: MOF)

 (Source: MOF)

Ethnic environment

In 2000, the ethnic environment of the country was mostly East Indians and Africans. However, people belonging to European and Chinese ethnicities are also found in the country.

Followers of Roman Catholic and Hindu religion constitute about 49% to the entire population of Trinidad & Tobago. 

(Source: state.gov)

Birth and death rate

In 2010, the birth rate in the country was 15.40 per 1,000 people and the death rate was 7.68 per 1,000 people.

(Source: MOF)

Infant mortality rate

During 2005-2010, the infant mortality rate in the country was 26 deaths per 1,000 live births.

(Source: ECLAC)

Life expectancy

During 2005-2010, life expectancy at birth was 65.8 years in the case of males and 73 years in the case of females.

(Source: ECLAC) 

Migration and urbanisation

During 2005-2010, the migration rate of Trinidad & Tobago stood at -3.01 per 1,000 inhabitants.

(Source: ECLAC)

 In 2010, around 13.88% of the total population resided in urban areas.

(Source: ECLAC)

Human development index (HDI) 

Trinidad & Tobago is ranked 59^th on the HDI 2010. The HDI provides a composite measure of three dimensions of human development which are measured by life expectancy, adult literacy and enrolment in education and per capita GNP at Purchasing Power Parity (PPP).

(Source: HDR UNDP)

Literacy rate

In 2008, the adult literacy rate (population above 15 years of age) of Trinidad & Tobago was 98.7% and the youth literacy rate (age between 15-24 years) was 99.5%.

(Source: UNESCO)

Education

Trinidad & Tobago follows a multi-level system of education. The education system of the country is classified into early childhood care and education (ECCE), primary education, secondary education and tertiary education.

ECCE includes nurseries, kindergartens and pre-school education for children up to 5 years of age. Primary education consists two years of infant education and five years of standard education. Secondary education is divided into junior secondary and upper secondary, which requires a secondary entrance assessment (SEA). 

(Source: UNESCO)

There are around 1,032 government and private ECCE centres and around 512 primary schools in the country.

(Source: MOE)

The public expenditure on education is about 3.8% of the country’s GDP.

(Source: UNDP)

Healthcare

In 2005, there were 103 hospitals and nursing homes in the country. During the same year, there were 18 health centres in Tobago.

(Source: MOH)

(Source: MOH)

In 2005, Ministry of Health spent TTD 2,232.76 million on healthcare and related programmes.

(Source: MOH)

Mass public transit

In Trinidad & Tobago, roadways are the main mode of transport, and is undertaken by the Public Transport Service Corporation (PTSC), a government-owned company.

(Source: PTSC)

Roadways

In 2001, the total road length in the country was 8,320 km.

(Source: ECLAC)

Railways

In 2008, the Ministry of Works and Transport signed a project with the National Infrastructure Development Company Limited (NIDCO) and TriniTrain Consortium for developing a rail route for public transport. The network is proposed to be of 105 kms long with 10 stations.

(Source: newsday.co.tt, railwaygazette.com)

Ports

There are 11 ports in Trinidad & Tobago:

·         Port of Brighton

·         Port of Chaguaramas

·         Port of Cronstadt Island

·         Crown Point Habor

·         Galeota Point Harbor

·         Port of Point Fortin

·         Pointe-a-Pierre Harbor

·         Port of Port of Spain (PPOS)

·         Port of Point Lisas

·         Port of Scarborough

·         Port of Tembladora

(Source: worldportsource.com)

PPOS is the largest container port in the country, handling around 395,000 TEUs (twenty-foot equivalent units) of cargo in 2008.

(Source: bdc.co.tt)

Airports

Piarco International Airport (Trinidad) and Crown Point International Airport (Tobago) are the two airports in the country. They are managed and controlled by the Airports Authority of Trinidad and Tobago (AATT).

(Source: AATT)

Piarco International Airport is the largest and busiest airport in the country with a total area of 1,760 acres and a runway length of 3,200 metres.

(Source: AATT)

(Source: AATT)

Telecommunications

In 2009, there were 303,227 subscribers to fixed-line telephones and 1,846,345 subscribers to mobile phone services.

In June 2010, the internet penetration rate of the country was 39.5%.

(Source: itu.int, internetworldstats.com)

(Source: itu.int)