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Trinidad & Tobago Trinidad & Tobago

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Trinidad & Tobago – Quick View
ECR score37.02 (Mar 2011)
ECR rank109 (Mar 2011)
Economic
GDP (2010p)USD 20.10 billion
GNI per capita PPP (2010)USD 24,233
FDI inflow (2009)USD 709.1 million
Inflation (Jan-July 2010)13.3%
Central bank assets (Sept 2009)USD 11,326.39 million
Unemployment rate (Q2 2010)4.8%
Government deficit (2010p)USD 590.35 million
Tax revenue (2010p)USD 5,482.72 million
Political
Government typeParliamentary and Democratic
Recent political crisisNA
Economic freedom score (2011)52nd
Freedom of information score (2010)73rd
Corruption perception index (2010)30th
Structural
Birth rate (2010)15.40 per '000
Population balance (2010e)Under 15 years - 25.34%
Population balance (2010e)Above 65 years - 7.08%
Life expectancy years (2005-2010)Males - 65.8 years
Life expectancy years (2005-2010)Females - 73.0 years
Mortality rate (2010)7.68 per '000
Literacy rate (2008)98.7%
Internet access (June 2010)39.5%

[Top] Economic Overview

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.

 

Trinidad & Tobago GDP and GDP growth rate

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.

 

Trinidad & Tobago GNI per capita at PPP

(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)

 

Trinidad & Tobago Inflation Rate

(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)

 

Trinidad & Tobago FDI Inflow

(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.

 

Central bank assets, 30th September 2009 (TTD million)

Assets

Amount

Foreign currency assets

65,572.21

Cash and cash equivalents

28,083.66

Investments

34,526.33

Foreign receivables

160.73

Subscriptions to international financial institutions

122.68

International Monetary Fund (IMF) - Holdings of Special Drawing Rights

2,678.80

Local currency assets

5,649.55

Cash and cash equivalents

693.43

Local investments

2,045.59

Pension assets

238.25

Accounts receivable and prepaid expenses

2,112.18

Property, plant and equipment

251.97

Other assets

308.12

Total Assets

71,221.75

 

(Source: Central Bank)

 

Non-performing loan ratio (NPLR)

 

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

 

Trinidad & Tobago Non-performing loan ratio

p = provisional

 

(Source: Central Bank)

[Top] Financial Indicators & Government Financial

Retail price index

 

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

 

Trinidad & Tobago Retail Price Index

 

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.

 

Trinidad & Tobago Producer Pirce Index

 

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%.

 

Average interest rates loans and deposits (%)

Year

Basic prime rate (loans)

Time deposits

Saving deposits

3 months

3-6 months

6-12 months

2010 (June)

9.50

0.70

1.00

1.78

0.31

2009

12.13

2.23

2.82

3.25

1.25

2008

12.25

3.09

3.84

4.06

1.88

2007

11.75

2.90

3.36

3.88

1.46

2006

11.06

2.68

3.11

3.69

1.46

 

(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)

 

Money Supply (TTD million)

Month

M1

M2

2010

June (p)

23,040.0

54,710.1

May

21,401.1

52,876.9

April

21,364.4

52,234.1

March

22,064.7

53,258.6

February

21,263.3

52,521.9

January

21,348.3

52,496.8

2009

December

23,136.2

53,520.3

November

22,956.5

50,606.6

October

21,215.1

48,367.7

September

19,964.2

47,008.6

August

17,541.4

45,079.8

July

16,241.8

44,207.8

June

16,383.7

44,332.4

May

16,287.1

44,381.9

April

16,463.3

44,388.4

March

16,358.4

44,450.6

February

15,399.7

43,025.7

January

15,122.0

40,776.1

 

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.

 

Trinidad & Tobago Government Expenditure

p = provisional

 

(Source: MOF)

 

Public debt level

 

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

 

Trinidad & Tobago Public debt

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.

 

Official exchange rates (Buying rates)

Year

USD

EUR

GBP

2010 (July)

6.3239

7.9564

9.5017

2009

6.2735

8.5703

9.6108

2008

6.2234

8.9735

11.2925

2007

6.2735

8.4361

12.2988

2006

6.2495

7.7153

11.3205

2005

6.2319

7.6171

11.1559

(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.

 

Trinidad & Tobago Government Revenue

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.

 

Trinidad & Tobago Tax Revenue

*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.

 

Trinidad & Tobago Current Account Balance

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.

 

BoP statement (USD million)

Particulars

2010 Q3

2010 Q2

2010 Q1

2009 Q4

2009 Q3

Current account balance

461.8

834.2

963.2

-85.6

-356.7

Capital account balance

-486.3

-793.6

-826.4

-197.8

505.6

Overall balance

-24.5

322.5

136.8

-283.4

148.9

 

(Source: Central Bank)

[Top] Labour Force and Employment Overview

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)

 

Trinidad & Tobago Labour Force

(Source: Central Bank, Central Bank)

 

Unemployment Rate

 

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

 

Trinidad & Tobago Unemployment Rate

(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)

[Top] Political Stability

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 52nd 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.

 

Trinidad & Tobago Economic Freedom Indices

(Source: heritage.org)

 

Corruption perception

 

The country is ranked 73rd 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 30th 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)

[Top] Demographic Overview

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.

 

 

Population by age-group (mid-2010)*

Age group (years)

Population (numbers)

0-14

333,965

15-44

659,917

45-64

230,546

65 and above

93,286

*estimated

(Source: MOF)

 

Trinidad & Tobago Population by Gender

 (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.

 

Trinidad & Tobago Infant Mortality Rate

(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.

 

Life expectancy (age in years)

Period

Males

Females

2005-2010

65.8

73.0

2000-2005

64.7

72.0

1995-2000

65.1

72.7

1990-1995

65.4

73.0

 

(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 59th 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)

[Top] Soft Infrastructure

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)

 

Healthcare statistics for Trinidad & Tobago

Facilities

2005

2004

2003

Hospitals

103

101

90

Hospital beds

5,552

4,553

4,277

Physicians

1,504

1,293

1,038

Dentists

295

265

249

Optometrists

80

66

60

Veterinarians

166

152

148

Pharmacists

517

510

525

Nurses and midwives

2,365

2,313

2,143

 

(Source: MOH)

 

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

 

Trinidad & Tobago Expenditure on Health

(Source: MOH)

[Top] Hard Infrastructure

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)

 

Statistics of airports (2008)

 

Piarco International Airport

Crown Point International Airport

Total area (acres)

1,760

206.3

Runway length (metres)

3,200

2,744

Aircraft stands

17

7

Passengers travelled

17,848,792

6,204,106

Cargo transported (kgs)

254,139

966,572

 

(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)

 

Telecom subscription statistics

Service

2009

2008

2007

Fixed telephone

303,227

314,792

307,301

Penetration rate (%)

22.65

23.61

23.14

Mobile

1,846,345

1,806,120

1,509,800

Penetration rate (%)

137.93

135.45

113.67

 

(Source: itu.int)