What is the Services Sector?

The Services Sector is the largest sector in the Trinidad and Tobago economy, contributing annually on average $TT 43 billion ($US 6.8 billion) to Gross Domestic Product (GDP) accounting for over 60 percent of GDP during 2001-2005. The services sector is diverse covering business services (professional, computer etc), construction, transport, communications, financial services, tourism/travel, government operations among others and employs an average of 80 percent of the labour force, some 422,000 persons. Services have also been a net contributor to the balance of payments.

How are services exported?

Services exports are classified into four (4) modes of supply:

• Mode 1: Cross border supply - services providedv across a country border;
• Mode 2: Consumption Abroad - services provided to a foreign visitor;
• Mode 3: Commercial Presence - service provided through setting up an establishment abroad;
• Mode 4: Movement of natural persons - services provided by traveling to a foreign country to deliver the service.

Please visit the Trinidad & Tobago Coalition of Services Industries for further details on the services sector.