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Trinidad and Tobago

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Trinidad and Tobago Trinidad and Tobago Introduction Key Economic Facts Risk Assessment (Provided by Coface) Trinidad and Tobago 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 Caribbean. 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 Caribbean Community (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: <p>English (official), Trinidadian Creole 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</p> 1 agriculture and tourism) Primary Religions: <p>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&#39;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.)</p> 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.
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