Economy - overview

The economy of Trinidad and Tobago is based on the trade in oil and natural gas industry. Per capita income is among the highest in the Caribbean region. Agriculture was practically abandoned, as farmers sought employment in the tourism industry and oil. Still, the dominant crops continue to be the cane sugar, coconut, rice, oranges, bananas, corn, cocoa and coffee. The mining industry boils down to natural asphalt. The industry consists of ammonia, cement, methanol, beer and rum. The exports consist of petroleum products and fertilizers, while the imports are machinery, transport equipment and food products. The main trading partners of Trinidad and Tobago are the United States, Jamaica, the United Kingdom and Germany.
 Environmental indicator: the emission of carbon dioxide per capita (metric tons, 1999) is 19.4.

Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Economic growth between 2000 and 2007 averaged slightly over 8%, significantly above the regional average of about 3.7% for that same period; however, GDP has slowed down since then and contracted about 3.5% in 2009, before rising more than 2% in 2010. Growth has been fueled by investments in liquefied natural gas (LNG), petrochemicals, and steel. Additional petrochemical, aluminum, and plastics projects are in various stages of planning. Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources but it also supplies manufactured goods, notably food products and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment. The country is also a regional financial center, and tourism is a growing sector, although it is not as important domestically as it is to many other Caribbean islands. The economy benefits from a growing trade surplus. The previous MANNING administration benefited from fiscal surpluses fueled by the dynamic export sector; however, declines in oil and gas prices have reduced government revenues which will challenge the new government's commitment to maintaining high levels of public investment.