Investment Climate

Investment Climate

After over 140 years of success in oil and gas, Trinidad and Tobago has a well-established economy.

  • #1

    In the Caribbean for Sourcing Electricity (Doing Business 2020 report, World Bank Group. T&T ranks 43 out of 190 world economies)
  • #1

    Lowest cost of electricity (globalpetrolprices.com)
  • #3

    In the Caribbean for Starting a Business (Doing Business 2020 report, World Bank Group. T&T ranks 79 out of 190 world economies)
  • #5

    In Market Access and Infrastructure in LatAm and the Caribbean (FDI Benchmark based on Legatum Institute, 2019)

Contributions to GDP by key productive sectors (2019)

T&T benefits from being among the region's largest economies, with a well-developed hydrocarbon sector that provides energy to much of South America and beyond. In 2020, its energy sector accounted for more than 73% of total exports and 24% of government revenue.

Industry%
Manufacturing19.2
Trade and Repairs18.4
Mining and Quarrying18.3
Public Administration7.9
Financial and Insurance Activities7.2
Construction5.3
Electricity and Gas3.5
Transport and Storage3.4
Information and Communication2.6
Administrative and Support Services2.5
Education2.5
Real estate activities2
Professional, scientific and technical; Accommodation and food services; Water supply and Sewerage; Human health and social work; Other service activities; Arts, entertainment and recreation; Domestic services 5.6
Agriculture, Forestry, and Fishing0.8
Source: www.cso.gov.tt

Key Economic Indicators

  • US $15,753

    GDP per capita (World Bank 2020)
  • 1.4%

    Headline Inflation (CBTT, May 2021)
  • 4.5%

    Unemployment rate 2019
  • BBB-

    Standard & Poor's (July 2020)
  • US $22Bn

    GDP at Current Prices (World Bank 2020)
  • Ba1

    Moody’s Investment Grade Status (May 2020)
  • 615,100

    Labour Force (CBTT 2019)

Major Trading Partners

  • CARICOM
  • Venezuela
  • Cuba
  • United States of America
  • Canada
  • Colombia
  • Costa Rica
  • South Korea
  • Japan
  • China

Major Exports

  • Petroleum Gases
  • Non Crude Oil
  • Crude Oil
  • Ammonia
  • Acyclic Alcohols
  • Spongy Iron - 99.94% pure
  • Nitrogenous Fertilizers
  • Iron & Steel Bars & Rods - Irregular Coils
  • Fresh Fish
  • Soft Drinks

Manufactured Goods

  • Food, beverages and tobacco
  • Chemicals and non-metallic minerals
  • Assembly type and related products
  • Cement
  • Iron and steel

Major Imports

  • Vehicles
  • Heavy machinery and transport equipment
  • Food and beverages
  • Mineral fuels and lubricants
  • Chemicals and related products
  • Animal fats and vegetable oils

Gross Domestic Product 2020

EconomyBillions in US Dollars
Trinidad & Tobago23.251
Jamaica16.474
The Bahamas12.815
Barbados5.322
Guyana8.065
Belize2.076
Antigua & Barbuda1.779
St Lucia2.103
Grenada1.295
St Kitts & Nevis1.087
St Vincent & the Grenadines0.893
Dominica0.633
Source: International Monetary Fund, World Economic Outlook Database, October 2019