countryaah, Trinidad and Tobago is one of the oldest petroleum
producing countries in the world, and revenues from this
sector are of great importance to the country's economy.
Petroleum exploration on land started as early as 1902, with
production starting a few years later, and in 1955 petroleum
was also found at sea. It was previously assumed that oil
deposits would end around 2003–05, but new major discoveries
of oil and natural gas in the 1990s and 2000s brought new
growth. Revenue from the petroleum business has been used to
establish other industries, and Trinidad and Tobago have
become one of the more industrialized countries in the
Until recently, Trinidad and Tobago have had the region's
most extensive state-controlled economy. From the beginning
of the 1980s, the country experienced financial problems due
to falling oil prices and related products. As the economic
problems increased, the International Monetary Fund
contributed to liberalization of the economy. a large part
of the former state-owned enterprises were privatized. From
the latter part of the 1990s, the economy showed signs of
recovery, but as in so many other countries, this occurred
at the expense of the country's social development, and the
proportion of poor people increased.
Agriculture and fisheries have a modest economic scope,
and in 2004 the sector contributed only 0.9% of GDP and
employed approx. 5% of the working population. In the same
year, industry and mining contributed about 50% of GDP and
employed approx. 30% of the working population. Service
industries have been growing rapidly, and contributed in
2004 with nearly half of GDP and employed close to 2
/ 3 of the working population. The tourism
industry represents a significant part of this, and is also
an important source of foreign currency. Various tourist
facilities such as hotels, harbors etc. have been improved
to attract more tourists, and the country receives around
400,000 visitors annually. Around 1/3
coming from the US.
In 2005, GDP per household was estimated at USD 12,900.
Agriculture, forestry and fishing
The earth is partly volcanic in origin and very fertile.
The cultivation of sugar on large plantations was formerly
the main industry in the country, but today sugar accounts
for a very small part of export revenue. In 2004, 680,000
tonnes were produced, which is half of the 2002 production.
Oranges, cocoa and coffee are also grown for export. Corn,
sweet potato, vegetables and rice are also grown, mostly for
their own consumption. The livestock team includes pigs,
cattle, goats, sheep and chickens; In addition, beekeeping
is run with honey production. Trinidad and Tobago were
formerly net exporters of food, but now have large food
Some forestry is being run. Of the annual harvest around
90,000 m 3 is 2/3 to the
industrial processing (sawn timber, pulp and paper) and the
rest of the fuel.
Fishing is of no great economic importance, but is
important in the local diet.
After considerable efforts on oil and gas exploration,
new big discoveries were made in the 1990s that gave rise to
optimism for the industry. In the mid-2000s, production was
7405 million m 3. Trinidad and Tobago have the
world's largest occurrence of natural asphalt (bitumen) in
Pitch Lake. Cement and limestone are also extracted.
The chemical and petrochemical industries are
significant. There are petroleum refineries in Pointe-à-Pierre
and Point Fortin with large production and exports of
petroleum and petroleum products. Trinidad and Tobago are
among the world's largest producers of liquefied natural gas
(LNG) and ammonia. Artificial fertilizers, plastic and
glassware, as well as electronic equipment are also
produced. Near the capital there are also iron and steel
mills and cement industry; in addition, the electronics
industry, the textile and clothing industry and the
production of food and beverages (juice, sugar, rum etc.).
Trinidad and Tobago have a current account surplus
abroad. The main export goods are petroleum and petroleum
products. In addition, chemicals (ammonia, etc.), textiles
and food and beverages are exported; machinery and means of
transport are partially re-exported. The country has
significant imports of machinery (oil drilling equipment
etc.) and transport equipment, as well as industrial
finished goods and food products. Trinidad and Tobago have a
surplus in the balance of trade abroad. The United States is
the most important trading country in terms of both exports
Transport and Communications
The road network is well developed, with approx. 8300 km
of public roads. Main ports are Port of Spain, Pointe-à-Pierre
and Point Lisas in Trinidad, and Scarborough in Tobago.
Piarco International Airport in Trinidad and Crown Point in