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Economy of Trinidad and Tobago

Trinidad and Tobago is the wealthiest country in the Caribbean as well as the third richest country by GDP (PPP) per capita in the Americas after the United States and Canada. Furthermore, it is recognised as a high income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.

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. Recent 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 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.

Sectors

Regional Financial Center

The country is also a regional financial center, and tourism is a growing sector, although it is not proportionately as important as in many other Caribbean islands. The economy benefits from a growing trade surplus. Economic growth reached 12.6% in 2006 and 5.5% in 2007 as prices for oil, petrochemicals, and LNG remained high, and as foreign direct investment continued to grow to support expanded capacity in the energy sector.

Communication and Mobile

Trinidad and Tobago has a relatively modern, robust and reliable Information and Communications Technology (ICT) infrastructure. Mobile phone service is widespread and has been the major area of growth for several years. Digicel and Laqtel were granted cellular licenses in 2005, breaking the monopoly of the sole provider of mobile telephony services TSTT.

Energy

Trinidad and Tobago has been involved in the petroleum sector for over one hundred years. There has been considerable oil and gas production on land and in shallow water, with cumulative production totaling over three billion barrels of oil. Trinidad and Tobago is the largest oil and natural gas producer in the Caribbean.

Trinidad and Tobago houses one of the largest natural gas processing facilities in the Western Hemisphere. The Phoenix Park Gas Processors Limited (PPGPL) natural gas liquids (NGL) complex is located in the Port of Savonetta.

The energy sector accounts for around 45.0% of the country's GDP. The Central Bank predicted real GDP growth in Trinidad and Tobago of 2.6% in 2014, up from 1.6% in 2013, as the country's energy sector recovered from maintenance delays that reduced activity in the third quarter of 2013.

Tourism

Tourism is another area which it is believed will soon develop rapidly, and an increased demand for jobs. The European Union Council on Tourism and Trade (EUCTT) has also awarded the nation as being "The Best Tourist Destination for 2012". Local hotels have already begun to make plans to facilitate an influx of European tourists upon the nation receiving this designation. Given this growth rate a total of one billion international tourists are expected by the end of 2012. In 2011, the total contribution of World Travel & Tourism to global GDP was USD6,346.1Bn (9.1% of GDP).

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Trinidad and Tobago"

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