KEY ECONOMIC INDICATORS
Rapid GDP Growth has been accompanied by a substantial increase in job creation with an annual average of 12,000 jobs being created in the period 2005-2006. The unemployment rate has fallen steadily, reaching an all time low of 5% in the fourth quarter of 2006 and 5.2% during the third quarter of 2007.
SOURCE: Central Statistical Office; Central Bank of Trinidad and Tobago, October 2007
UNEMPLOYMENT
UNEMPLOYMENT RATE (%) 
Source: CENTRAL STATISTICAL OFFICE
UNEMPLOYMENT
UNEMPLOYMENT RATE:
| 2003- |
10.5% |
| 2004- |
8.4% |
| 2005- |
7.97% |
| 2006- |
6.22% |
| 2007- |
5.54% |
INFLATION
INFLATION RATE (%)
SOURCE: CENTRAL STATISTICAL OFFICE
INFLATION
INFLATION RATE
| 2003- |
3.7% |
| 2004- |
3.7% |
| 2005- |
6.8% |
| 2006- |
8.3% |
| 2007- |
7.9% |
| 2008- |
9.7% (Feb) |
BALANCE OF PAYMENTS
Trinidad and Tobago continues to exhibit large surpluses in its balance of payments on account of the robust performance of the energy sector. The country’s balance of payments recorded a surplus of $1,654.4 million (9% of GDP) in 2006, $247.6 million less than the previous year. The year-end level of gross official reserves, net of balances in the Revenue Stabilization Fund (RSF) stood at $5.1 billion, equivalent to 7.8 months of prospective imports of goods and non-factor services.
INTEREST RATES
Commercial Banks Interest Rates (Oct 2007, Local Currency)
Per Cent per Annum
SOURCE: Central Bank of Trinidad and Tobago
AGRICULTURE SECTOR
With the renewed growth in the energy sector since the 1990s, the agricultural sector has once again declined. In addition, since the termination of Caroni (1975) Limited, this industry has significantly suffered.
At present, there is a reduction in supply of many domestic agricultural products and the agricultural authorities, as explained by the Governor of the Central Bank, “have identified the reasons behind this decline in many cases having to do with labour shortages... its difficult to get labour for agriculture.”
AGRICULTURAL OUTPUT
Source: Central Statistical Office, July 2007
TRINIDAD AND TOBAGO’S LABOUR FORCE INDICATORS
JANUARY 2001- December 2007 (‘000s)
SOURCE: CENTRAL STATISTICAL OFFICE, 2007
1. Labour force as a percentage of non-institutional population 15 years and over
2. Persons without jobs as a percentage of the labour force
EXPORTS AND IMPORTS
Exports
Exports from Trinidad and Tobago can be divided into four major areas:
Energy based including crude oil and refined petroleum products, methanol, urea, anhydrous ammonia, iron and steel products;
Traditional agricultural exports including sugar, cocoa, coffee and citrus;
Non-traditional agricultural exports such as processed fish, shrimp, vegetables and fruit, as well as cut flowers;
Manufactured goods of a wide variety from foodstuffs, alcoholic beverages and non-alcoholic beverages, to air-conditioning units and motor vehicle batteries.
The energy sector has been the most significant contributor to foreign exchange earnings of the country. Crude oil and refined products account for around 45% of total export earnings while petrochemical exports account for around 30% of export earnings.
The country’s top exports in terms of value are provided in the table below:
MAJOR EXPORTS
SOURCE: Trade Bulletin, CSO, October 2007
Import
The country’s top imports in terms of value are provided in the table below:
MAJOR IMPORTS
Source: Trade Bulletin, CSO, October 2007
MAIN TRADING PARTNERS
Source: Statistical Digest, Central Bank, December 2007 |
