Compare Trinidad and Tobago (2007) - Trinidad and Tobago (2008)

Compare Trinidad and Tobago (2007) z Trinidad and Tobago (2008)

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	Trinidad and Tobago (2007)	Trinidad and Tobago (2008)

Background	First colonized by the Spanish, the islands came under British control in the early 19th century. The islands' sugar industry was hurt by the emancipation of the slaves in 1834. Manpower was replaced with the importation of contract laborers from India between 1845 and 1917, which boosted sugar production as well as the cocoa industry. The discovery of oil on Trinidad in 1910 added another important export. Independence was attained in 1962. The country is one of the most prosperous in the Caribbean thanks largely to petroleum and natural gas production and processing. Tourism, mostly in Tobago, is targeted for expansion and is growing.	First colonized by the Spanish, the islands came under British control in the early 19th century. The islands' sugar industry was hurt by the emancipation of the slaves in 1834. Manpower was replaced with the importation of contract laborers from India between 1845 and 1917, which boosted sugar production as well as the cocoa industry. The discovery of oil on Trinidad in 1910 added another important export. Independence was attained in 1962. The country is one of the most prosperous in the Caribbean thanks largely to petroleum and natural gas production and processing. Tourism, mostly in Tobago, is targeted for expansion and is growing. The government is coping with a rise in violent crime.
Budget	revenues: $6.096 billion expenditures: $4.919 billion (2006 est.)	revenues: $6.415 billion expenditures: $6.214 billion (2007 est.)
Debt - external	$2.729 billion (2006 est.)	$3.025 billion (31 December 2007 est.)
Economic aid - recipient	$2.09 million (2005 est.)	$200,000 (2007 est.)
Economy - overview	Trinidad and Tobago, the leading Caribbean producer of oil and gas, has earned a reputation as an excellent investment site for international businesses. Tourism is a growing sector, although it is not proportionately as important as in many other Caribbean islands. The economy benefits from a growing trade surplus. Economic growth in 2006 reached 12.6% as prices for oil, petrochemicals, and liquefied natural gas remained high, and foreign direct investment continued to grow to support expanded capacity in the energy sector. The government is coping with a rise in violent crime.	Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Recent growth has been fueled by investments in liquefied natural gas (LNG), petrochemicals, and steel. Additional petrochemical, aluminum, and plastics projects are in various stages of planning. Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources but it also supplies manufactured goods, notably food and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment. The country is also a regional financial center, and tourism is a growing sector, although it is not proportionately as important as in many other Caribbean islands. The economy benefits from a growing trade surplus. Economic growth reached 12.6% in 2006 and 5.5% in 2007 as prices for oil, petrochemicals, and LNG remained high, and as foreign direct investment continued to grow to support expanded capacity in the energy sector.
Electricity - consumption	6.163 billion kWh (2005)	7.083 billion kWh (2007)
Electricity - production	6.627 billion kWh (2005)	7.704 billion kWh (2007)
Exchange rates	Trinidad and Tobago dollars per US dollar - 6.3107 (2006), 6.2842 (2005), 6.299 (2004), 6.2951 (2003), 6.2487 (2002)	Trinidad and Tobago dollars per US dollar - 6.3275 (2007), 6.3107 (2006), 6.2842 (2005), 6.299 (2004), 6.2951 (2003)
Executive branch	chief of state: President George Maxwell RICHARDS (since 17 March 2003) head of government: Prime Minister Patrick MANNING (since 24 December 2001) cabinet: Cabinet appointed from among the members of Parliament elections: president elected by an electoral college, which consists of the members of the Senate and House of Representatives, for a five-year term (eligible for a second term); election last held on 14 February 2003 (next to be held by January 2008); the president usually appoints as prime minister the leader of the majority party in the House of Representatives election results: George Maxwell RICHARDS elected president; percent of electoral college vote - 43%	chief of state: President George Maxwell RICHARDS (since 17 March 2003) head of government: Prime Minister Patrick MANNING (since 24 December 2001) cabinet: Cabinet appointed from among the members of Parliament elections: president elected by an electoral college, which consists of the members of the Senate and House of Representatives, for a five-year term (eligible for a second term); election last held on 11 February 2008 (next to be held by February 2013); the president usually appoints as prime minister the leader of the majority party in the House of Representatives election results: George Maxwell RICHARDS reelected president; percent of electoral college vote - NA
Exports	NA bbl/day	202,100 bbl/day (2004)
Exports - commodities	petroleum and petroleum products, chemicals, steel products, fertilizer, sugar, cocoa, coffee, citrus, flowers	petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, cereal and cereal products, sugar, cocoa, coffee, citrus fruit, vegetables, flowers
GDP - composition by sector	agriculture: 0.7% industry: 59.8% services: 39.4% (2006 est.)	agriculture: 0.6% industry: 62% services: 37.4% (2007 est.)
GDP - real growth rate	11.7% (2006 est.)	5.5% (2007 est.)
Imports	NA bbl/day	91,780 bbl/day (2004)
Imports - commodities	machinery, transportation equipment, manufactured goods, food, live animals	mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, live animals, grain
Imports - partners	US 30.6%, Brazil 12%, Venezuela 6.8%, Gabon 4.8%, Colombia 4.6% (2006)	US 30.6%, Brazil 12%, Venezuela 6.8%, Gabon 4.7%, Colombia 4.6% (2006)
Industrial production growth rate	17% (2006 est.)	8% (2007 est.)
Inflation rate (consumer prices)	8.3% (2006 est.)	7.6% (2007 est.)
Labor force	625,000 (2006 est.)	615,400 (2007 est.)
Labor force - by occupation	agriculture 9.5%, manufacturing, mining, and quarrying 14%, construction and utilities 12.4%, services 64.1% (1997 est.)	agriculture 4%, manufacturing, mining, and quarrying 12.9%, construction and utilities 17.5%, services 65.6% (2006 est.)
Pipelines	condensate 253 km; gas 1,278 km; oil 571 km (2006)	condensate 245 km; gas 1,320 km; oil 563 km (2007)
Population below poverty line	21% (1992 est.)	17% (2007 est.)
Telephone system	general assessment: excellent international service; good local service domestic: NA international: country code - 1-868; satellite earth station - 1 Intelsat (Atlantic Ocean); tropospheric scatter to Barbados and Guyana	general assessment: excellent international service; good local service domestic: mobile-cellular teledensity exceeds 150 telephones per 100 persons international: country code - 1-868; submarine cable systems provide connectivity to US and parts of the Caribbean and South America; satellite earth station - 1 Intelsat (Atlantic Ocean); tropospheric scatter to Barbados and Guyana
Unemployment rate	7% (2006 est.)	6% (2007 est.)

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