Mountains in Trinidad and Tobago

Trinidad and Tobago Economy

Trinidad and Tobago's economy in numbers:

Nominal GDP of USD 27.9 billion in 2022.

Nominal GDP of USD 28.1 billion in 2023.

GDP per capita of USD 19,804 compared to the global average of USD 10,589.

GDP per capita of USD 19,731 compared to the global average of USD 10,589.

Average real GDP growth of 0.6% over the last decade.

Average real GDP growth of 0.7% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 65% of overall GDP, manufacturing 16%, other industrial activity 18%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for % of GDP in 2016, government consumption 17%, fixed investment 9%, and net exports 74%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 69% of total merchandise exports, mineral fuels 24%, food 6%, ores and metals 1% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 71% of total merchandise imports, mineral fuels 1%, food 18%, ores and metals 10% and agricultural raw materials 1%, with other goods accounting for -1% of the total. Total exports were worth USD 17 billion in 2022, while total imports were USD 8 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded an average annual decrease of 0.6% in the decade to 2022. To read more about GDP growth in Trinidad and Tobago, go to our dedicated page.

Fiscal policy:

Trinidad and Tobago's fiscal deficit averaged 6.0% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 4.4% in the decade to 2022. For more information on Trinidad and Tobago's unemployment click here.

Inflation:

Inflation averaged 3.7% in the decade to 2022. Go to our Trinidad and Tobago inflation page for extra insight.

Monetary Policy:

Trinidad and Tobago's monetary policy rate ended 2022 at 3.50%, up from 2.75% a decade earlier. See our Trinidad and Tobago monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the Trinidad and Tobago dollar weakened by 5.9% vs the U.S. dollar. For more info on the Trinidad and Tobago dollar, click here.
The economy likely expanded at a rate similar to 2023’s projection this year so far. Domestic demand was likely robust: Inflation decelerated notably from last year in January–August, and private-sector credit growth accelerated in H1 from 2023. However, tourist arrivals expanded less in January–August than in 2023 as the boost from the post-pandemic recovery faded, and drought in Q2 likely capped economic activity somewhat. Additionally, the energy sector was weak: Oil output fell at a sharper pace in H1 than last year, as did natural gas production in January–August. In other news, Finance Minister Colm Imbert presented the 2025 budget draft in September, penciling in a fiscal deficit of 2.9% of GDP, down from the Ministry’s estimate of 3.5% in 2024. Investment in the hydrocarbons sector will reach USD 2.3 billion, and the country will consider changes to oil and gas taxes to boost the sector further.
Projections out to 2034.

35 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 7 expert analysts.

Want to get insight on the economic outlook for Trinidad and Tobago in the coming years? FocusEconomics collects projections out to 2034 on 35 economic indicators for Trinidad and Tobago from a panel of 7 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Trinidad and Tobago economy. To download a sample report on the Trinidad and Tobago's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Trinidad and Tobago Economic Data

2019 2020 2021 2022 2023
Population (million) 1.4 1.4 1.4 1.4 1.4
GDP (USD bn) 23.8 20.8 24.5 30.1 28.1
GDP per capita (USD) 17,040 14,874 17,412 21,253 19,804
GDP (TTD bn) 161 140 166 203 190
Economic Growth (Nominal GDP, ann. var. %) -3.5 -12.5 17.9 22.6 -6.4
Economic Growth (GDP, ann. var. %) 0.4 -9.1 -1.0 1.5 -
Unemployment (% of active population, aop) 4.3 5.7 5.4 4.9 4.0
Fiscal Balance (% of GDP) -3.7 -11.8 -8.3 0.9 -1.1
Public Debt (% of GDP) 45.3 60.6 60.0 50.7 56.1
Money (ann. var. of M2 %) 0.1 10.9 -0.1 2.1 2.4
Inflation (CPI, ann. var. %, eop) 0.4 0.8 3.5 8.7 0.7
Inflation (CPI, ann. var. %, aop) 1.0 0.6 2.1 5.8 4.6
Repo Rate (%, eop) 5.00 3.50 3.50 3.50 3.50
Exchange Rate (TTD per USD, eop) 6.77 6.75 6.77 6.76 6.75
Exchange Rate (TTD per USD, aop) 6.76 6.75 6.76 6.75 6.75
Current Account Balance (USD bn) 1.0 -1.4 2.6 5.2 3.4
Current Account Balance (% of GDP) 4.3 -6.5 10.7 17.5 12.1
Merchandise Trade Balance (USD bn) 2.7 1.0 4.7 9.2 3.8
Merchandise Exports (USD bn) 8.8 6.0 11.1 16.7 10.4
Merchandise Imports (USD bn) 6.0 5.0 6.4 7.5 6.6
Merchandise Exports (ann. var. %) -18.5 -31.5 84.6 50.6 -37.8
Merchandise Imports (ann. var. %) -8.8 -16.8 26.9 17.8 -11.9
Foreign Direct Investment (USD bn) 0.2 1.1 -0.9 -0.9 -1.1
International Reserves (USD bn) 6.8 6.8 6.8 6.7 6.1
International Reserves (months of imports) 13.6 16.4 12.8 10.7 11.1

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