Trinidad & Tobago Country Statistics

AREA:   Trinidad - 4,828 sq. km. (1,864 sq. miles) Tobago - 300 sq. km. (117 sq. miles) CLIMATE:   Warm all year round, with a mean air temperature ranging between 32ºC (90ºF) at the maximum and 23ºC (73ºF) at minimum. There are two seasons: ‘dry’ from January to May and ‘wet’ from June to December. POPULATION:   1.3 million CAPITALS:   Trinidad - Port of Spain; Tobago - Scarborough CURRENCY:   Trinidad and Tobago Dollar (TT$) = 100 cents OFFICIAL   LANGUAGE:   English TEL/FAX CODE:   868 & seven digits ACCESS:   2 international airports 3 major shipping ports and 4 smaller ports Time:   4 hours behind GMT

LOCATION
Located 11 km (7 miles) off the north-east coast of Venezuela, at the southernmost tip of the Caribbean chain, the twin-island nation of Trinidad and Tobago is strategically positioned for trade with neighbouring islands as well as with North and South America. It is a signatory to all major trade agreements.

ECONOMY
Trinidad and Tobago has earned a reputation as a leader in the energy and petrochemical sectors and as an excellent investment platform for international business.

Following 15 consecutive years of real GDP growth Trinidad and Tobago’s economy, like all others, was impacted by weak global conditions. In an environment where the IMF recorded a reversal of global growth from 3.0 percent in 2008 to -0.6 in 2009, the country’s economy contracted by 3.2 percent in 2009 following growth of 2.3 percent the previous year. Nonetheless Trinidad and Tobago has shown resilience in a number of key areas and continues to progress towards its goal of achieving developed country status by 2020.

While the Trinidad and Tobago economy boasts strong manufacturing, construction, and finance and insurance sectors, it is driven by the energy sector. This sector, comprising oil, liquefied natural gas (LNG) and gas-based industries such as ammonia and methanol, accounts for about 36 percent of GDP, 48 percent of Government revenues and 87 percent of exports.

This country is widely respected for its vision and progress, and has quietly developed a track record for constructing world-class LNG and petrochemical production facilities, on time and within budget. A leader in petrochemical exports as well, Trinidad and Tobago has a strong trading relationship with the United States and has traditionally been its largest supplier of methanol and LNG. In recent years, due to pricing logistics and its reputation for stability and consistency, Trinidad and Tobago has been able to diversify its LNG market base, attracting new client countries in Europe and South America. Its economy has largely been transformed from an oil-based to a gas-based one, with the government actively encouraging the development of downstream industries and presently reviewing several proposals by investors for energy-based projects.

The non-oil sector has shown solid growth in recent years, notwithstanding its contraction in 2009. The diverse manufacturing sub-sector includes food processing, alcoholic beverages, pharmaceuticals, cosmetics, cement, glass and plastics. The sector dominates regional manufacturing trade and is poised for recovery when conditions in its key markets improve. Similarly, construction and agriculture are set to expand, following negative and flat performances respectively in 2009. Traditionally a solid performer, the finance sector remains strong, having weathered the fall-out from the financial crisis relatively well.

After rising to 12 percent in 2008, the inflation rate fell to 7.2 percent in 2009 in line with global trends. A 5.1 percent rate was recorded for March 2010. The unemployment rate, which averaged 4.6 percent for 2008, climbed to 5.3 percent in 2009; still significantly lower than most of this country’s regional and international counterparts.

International reserves currently stand at over US$11 billion, equivalent to 12 months of import cover, one of the highest in the region and amongst its peers. The debt-to-GDP ratio of less than 45 percent remains admirable by international standards and no doubt contributes to the ‘A’, long-term, foreign-currency credit rating Trinidad and Tobago currently enjoys from Standard & Poor’s.

Trinidad and Tobago has weathered the global economic downturn well and emerged with much of its economic fundamentals in relatively sound order. The country is poised for growth as its energy sector returns to strength and conditions improve in its key regional and international markets. Having hosted both the Fifth Summit of the Americas and the Commonwealth Heads of Government Meeting in 2009, the twin-island state anticipates significant business and investment opportunities over the medium-term.