Economic Outlook T&T is one of regions highest per capita income economies, primarily because of its long established and well-developed hydrocarbon sector. In 2021, its energy sector accounted for approximately 76% of total exports and 26% of government revenue. The Government of Trinidad and Tobago actively encourages foreign investment into non-energy sectors such as Manufacturing, Maritime
and Logistics, Business Process Outsourcing, Agro-Processing, Creative Industries and Tourism. Its economic policy is directed to the development of a robust and open market-driven economy. The Ministry of Finance in its Review of the Economy 2022 (published September 2022) predicted that “Trinidad and Tobago’s economy is now on a path to recovery and growth driven primarily by a turnaround and growth in Energy
sector activity, as a number of new major energy projects come on-stream and as the economy continues to benefit from generally higher energy commodity prices, given the current delays to the global energy transition”. Like many other affected nations, efforts are made to increase investment and business facilitation in order to boost performance and strengthen the post-pandemic economy.
6.9 Financial and Insurance Activities
0.2 Domestic Services
1.3 Water Supply and Sewerage
3.2 Administrative and Support Services
0.3 Arts, Entertainment and Recreation
1.3 Accommodation and Food Services
2.4 Information and Communication
8.0 Public Administration
0.4 Other Service Activities
2.3 Professional, Scientific and Technical
2.6 Transport and Storage
13.9 Mining and Quarrying
0.6 Human Health and Social Work
2.0 Real Estate Activities
2.6 Electricity and Gas
21.2 Trade and Repairs
1.0 Agriculture, Forestry and Fishing
2.5 Education
4.9 Construction
19.5 Manufacturing
Economic Indicators GDP ($US)
GDP PER CAPITA ($US)
24,313.53Bn
17,778.78
UNEMPLOYMENT RATE
HEADLINE INFLATION RATE
4.5%
5.9%
(2021)
(June 2022)
LABOUR FORCE (2021)
588,900 Sources:
(July 2022)
Central Statistical Office, The Central Bank of Trinidad and Tobago; World Bank 2020 (Current Prices)
8
Trinidad and Tobago: An Investment Guide
(June 2022)
