and Tobago

Introduction Key Economic Facts Risk Assessment (Provided by Coface) is an archipelagic state in the North Income Level (by per capita High Income Country rating: B - Political and economic uncertainties Atlantic Ocean in the . It shares maritime GNI): and an occasionally difficult business environment can boundaries with Barbados, Guyana, and Venezuela. The Level of Development: Developing affect corporate payment behavior. Corporate default geography of Trinidad and Tobago GDP, PPP (current international $38.13 billion (2019) includes mostly plains with some low $): probability is appreciable. mountains. The government system is a GDP growth (annual %): 0.00% (2019) Business Climate rating: A4 - The business environment parliamentary republic; the chief of state is GDP per capita, PPP (current $27,334.18 (2019) is acceptable. Corporate financial information is sometimes the president, and the head of international $): neither readily available nor sufficiently reliable. Debt government is the prime minister. Trinidad and Tobago has Manufacturing, value added (% 19.62% (2019) collection is not always efficient and the institutional a mixed economic system in which there is a variety of of GDP): private freedom, combined with centralized economic Current account balance (BoP, $1.17 billion (2019) framework has shortcomings. Intercompany transactions planning and government current US$): may thus run into appreciable difficulties in the acceptable regulation. Trinidad and Tobago Inflation, consumer prices 1.02% (2018) but occasionally unstable environments rated A4. (annual %): is a member of the Caribbean Strengths Community (CARICOM). Labor force, total: 666,096 (2020) Unemployment, total (% of 2.80% (2020) • World’s eighth-largest producer of liquefied natural total labor force) (modeled ILO gas estimate): • Petrochemical industry (global exporter of methanol Imports of goods and services $10.64 billion (2016) (current US$): and ammonia) Location: Caribbean Exports of goods and services $10.11 billion (2016) • Large sovereign wealth fund (25% of GDP) and Capital City: Port of Spain (-4 GMT) (current US$): currency reserves Chief of State: President Paula-Mae Weekes • Lead country in the (Caricom) Head of Govt.: Prime Minister Keith Rowley • Well-trained English-speaking workforce Currency: Trinidad and Tobago Dollar (TTD) GDP Composition % Agriculture Services Industry Manufacturing Weaknesses Major Languages:

English (official), English, Tobagonian Creole • Small economy that is reliant on oil and gas English, Caribbean Hindustani (a 53 44 • Underdeveloped non-energy sector (including dialect of Hindi), Trinidadian Creole 20 French, Spanish, Chinese

1 agriculture and tourism)

Primary Religions:

Protestant 32.1% *Although Manufacturing is included in the Industry figures, it is also separately • Projected decline in energy resources (Pentecostal/Evangelical/Full Gospel reported because it plays a critical role in economy. • Ineffective public initiatives 12%, Baptist 6.9%, Anglican 5.7%, Rankings Seventh-Day Adventist 4.1%, • Inadequate financial sector supervision Presbyterian/Congretational 2.5, other Index Rank • Uneven wealth distribution (20% of the population Protestant .9), Roman Catholic Corruption Perceptions Index 85 / 180 21.6%, Hindu 18.2%, Muslim 5%, lives below the poverty line) Global Competitiveness Index 78 / 141 Jehovah's Witness 1.5%, other • Drug trafficking-related crime 8.4%, none 2.2%, unspecified 11.1% Global Enabling Trade Index 106 / 136 (2011 est.)

Global Services Location Index 40 / 55 U.S. Embassy Calling Code: 1-868 Index of Economic Freedom 112 / 179 U.S. Embassy Port of Spain Voltage: 115 International Logistics Performance Index (LPI) 124 / 160 15 Queen's Park West Inward FDI Potential Index 45 / 139 Key Websites Port of Spain KOF Index of Globalization 68 / 185 Trinidad and Tobago Main Government Page: ttconnect.gov.tt Networked Readiness Index (NRI) 67 / 139 Tel: (868) 622-6371 Commerce Ministry: tradeind.gov.tt Open Budget Index 79 / 115 https://tt.usembassy.gov Investment Promotion investt.co.tt Agency:

Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV