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Trinidad and Tobago – Important Facts

Trinidad and Tobago is an archipelagic state in the North Atlantic Ocean in the Caribbean. It shares maritime boundaries with Barbados, Guyana, and Venezuela. The geography of Trinidad and Tobago includes mostly plains with some low mountains. The government system is a parliamentary democracy; the chief of state is the president, and the head of government is the prime minister. Trinidad and Tobago has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation. Trinidad and Tobago is a member of the Caribbean Community (CARICOM).

Energy production and downstream industrial use dominate the economy. Trinidad and Tobago produces about nine times more natural gas than crude oil on an energy equivalent basis with gas contributing about two-thirds of energy sector government revenue. Oil and gas account for about 40% of GDP and 80% of exports but less than 5% of employment. In 2013, Trinidad and Tobago was the world’s sixth-largest liquefied natural gas (LNG) exporter and is home to one of the largest natural gas liquefaction facilities in the Western Hemisphere. The United States is the country’s largest trading partner, accounting for 33% of its total imports and taking 44% of its exports.

Trinidad and Tobago is buffered by considerable foreign reserves and a sovereign wealth fund that equals about one-and-a-half times the national budget, but the country is in a recession and the government faces the dual challenge of gas shortages and a low price environment. A projected 70% decrease in energy revenue to the government in 2016 will likely force cuts to the government budget, which has increased by 35% over the past six years.

Important Details

  • Country ISO3 : TTO
  • Country Code : 780
  • Income Group : High income
  • Lending Category : IBRD
  • Region : Latin America & Caribbean
  • Currency Unit: Trinidad and Tobago dollar
  • WTO Member : Yes
  • Trade organisations : WTO,CARICOM
  • world rank : 73
  • Regional Ranking : 14th in the South and Central America/Caribbean Region