National economy of Trinidad & Tobago - industries, GDP and prosperity level

The Republic of Trinidad and Tobago is one of the most economically advanced countries in the Caribbean. The GDP of the country today is more than $9 billion, while per capita accounts for about $6,000 according to data of last year. Unemployment rates are still a serious problem in the country; to date they account for about 10%. Inflation of the local currency is less than 4%. The most rapid economic growth occurred from the early years of 2000 and lasted for 7 years. During this period, the country’s GDP grew by almost 9%. However, the growth rate is now 3.5%.

The extraction of gas and oil had a huge impact on the formation of the economic structure of the country. In addition, energy is being processed in the country. Today, this small republic is the sixth largest country in the world in terms of the amount of liquefied natural gas produced. The country produces at least 15 billion cubic meters of natural gas per year and exports it to other countries of the world. The next fairly important industry in Trinidad and Tobago is the manufacture of asphalt. Huge deposits of natural material have been found on the islands. However, in recent years the importance of this mineral has decreased significantly. This is due to the fact that more developed countries produce artificial asphalt using simplified technologies, thanks to which it comes out cheaper and at no less quality.

As for agriculture, it also makes a considerable contribution to the country’s GDP. Today, about a third of all land is arable land. The main vegetable crop produced by the islanders is sugarcane. As a rule, production is concentrated on large plantations, although small-scale peasant farms have recently been developing. In addition, the country is actively growing cocoa, which is also one of the most significant export items. In recent years, the country has been vigorously fighting a serious vegetable fungal disease that affects cocoa trees. Since gaining independence, the islands have focused on self-sufficiency in meat and dairy products. Today, Trinidad and Tobago’s production fully satisfies the domestic demand for pork, eggs, and poultry. Copyright www.orangesmile.com

Fishery is actively developing in the republic. For the last 20 years, there has been a serious expansion in this field of activity. Now, about 15,000 tons of seafood is obtained annually. For comparison, at the beginning of the 2000s, the country produced no more than 4,000 tons. About 2,000 tons of shrimp are exported, and the most common exported fish species are tuna, Red salmon, sea bass and others. However, despite this, the local population does not show great demand for fish. When it comes to seafood consumption per capita among all the countries of the Caribbean, Trinidad and Tobago is at one of the last positions.

The main means of internal transportation in the country is road transport. The total length of roads is more than 8,000 kilometers, of which half has high-quality hard surface. In addition, there are 6 airports in the country, as well as a lot of runways for helicopters and small aircrafts. There are also a lot of seaports on the islands. As a result of the hot climate of the country and the exotic flora and fauna on the territory, tourism receives large development. The government today is trying in every way to stimulate the development of this sector by offering benefits and favorable tax deals. However, it is the opinion of the State Administration that the tourism sector in the country at the moment has not reached the desired level and cannot compete with the most famous island resorts in the world.

The largest investment in the country today is received by the construction industry. It will also have an impact on domestic economy development and on the position of Trinidad and Tobago on the world arena. The islanders are on the right path to achieving energy independence of their state. A large part of the energy is produced at the thermal power plants, which run on their own minerals (oil, gas). According to data from last year, about 7.5 billion kilowatts of electricity was generated in the country. One of the main social problems in the country remains the poverty of the local population. Despite a fairly large annual per capita income, private finances are very unevenly distributed in the country.