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![]() ![]() Trinidad and Tobago Economy 1999
Economyoverview: Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses. Successful economic reforms were implemented in 1995, and foreign investment and trade are flourishing. Unemploymenta main cause of the country's socioeconomic problemsis high, but has decreased to its lowest point in six years. An investment boom in the energy sector led to a surge in imports in 1997. The resulting trade deficit is expected to return to a surplus once construction is completed and the plants come on line. The petrochemical sector has spurred growth in other related sectors, reinforcing the government's commitment to economic diversification. Tourism is a major foreign exchange earner, with 260,000 arrivals in 1995, 80% from Europe. GDP: purchasing power parity$8.85 billion (1998 est.) GDPreal growth rate: 4.3% (1998 est.) GDPper capita: purchasing power parity$8,000 (1998 est.)
GDPcomposition by sector:
Population below poverty line: 21% (1992 est.)
Household income or consumption by percentage share:
Inflation rate (consumer prices): 3.7% (1997) Labor force: 541,000 (1997 est.) Labor forceby occupation: construction and utilities 12.4%, manufacturing, mining, and quarrying 14%, agriculture 9.5%, services 64.1% (1997 est.) Unemployment rate: 14% (June 1998)
Budget:
Industries: petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles Industrial production growth rate: 7.5% (1995) Electricityproduction: 4 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 4 billion kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: cocoa, sugarcane, rice, citrus, coffee, vegetables; poultry Exports: $2.4 billion (f.o.b., 1997) Exportscommodities: petroleum and petroleum products, chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers Exportspartners: US 39.7%, Caricom countries 24.5%, Latin America 10.3%, EU 8.2% (1997) Imports: $3.3 billion (c.i.f., 1997) Importscommodities: machinery, transportation equipment, manufactured goods, food, live animals Importspartners: US 52.2%, Latin America 16.5%, EU 13.8%, Japan 3.6% (1997) Debtexternal: $2.8 billion (1997 est.) Economic aidrecipient: $121.4 million (1995) Currency: 1 Trinidad and Tobago dollar (TT$) = 100 cents Exchange rates: Trinidad and Tobago dollars (TT$) per US$16.2761 (January 1999), 6.2840 (1998), 6.2517 (1997), 6.0051 (1996), 5.9478 (1995), 5.9249 (1994) Fiscal year: 1 October-30 September
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