Trinidad and Tobago's Macroeconomic Analysis:
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.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Trinidad and Tobago
Recently released data showed that the economy ended 2023 on a weak note, with GDP contracting 0.4% year on year in Q4 (Q3: -1.6% yoy), as activity contracted further in the agricultural, construction, manufacturing and oil sectors. In Q1 2024, the economy rebounded and grew 1.5% year on year. The improvement stemmed from recovering manufacturing activity, improvements in most services sectors and softer downturns in agricultural, mining and construction activity. In the remainder of 2024, GDP growth has likely remained robust. Inflation cooled from Q1 in April–September and private-sector credit accelerated through September, boding well for domestic demand. Moreover, a smaller decline in goods exports in Q2 suggests softer headwinds to external demand. Less positively, in April–August, oil and natural gas production declined more sharply than in Q1.Trinidad and Tobago Economic Forecasts
Projections out to 2034.38 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 8 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 38 economic indicators for Trinidad and Tobago from a panel of 8 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.