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Economy of Trinidad and Tobago

Trinidad and Tobago is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Trinidad and Tobago may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Trinidad and Tobago exports around $12.86 billion and imports roughly $9.64 billion. 4.8% of population in the country are unemployed. The total number of unemployed people in Trinidad and Tobago is 65,885. In Trinidad and Tobago, 17% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Trinidad and Tobago is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 15.6% of GDP. The Gini Index of the country is 40.3. Trinidad and Tobago is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Trinidad and Tobago has a Human Development Index (HDI) of 0.766. Trinidad and Tobago has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Trinidad and Tobago is 2.07. The strength of legal rights index for Trinidad and Tobago is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Trinidad and Tobago is Trinidad and Tobago dollar. The plural form of the word Trinidad and Tobago dollar is dollars. The symbol used for this currency is $, and it is abbreviated as TTD. The Trinidad and Tobago dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for Trinidad and Tobago is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Trinidad and Tobago has a credit rating score of A, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Trinidad and Tobago has a credit rating score of Baa2, and the prospects of this rating are negative.

Central bank

In Trinidad and Tobago, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Trinidad and Tobago. The average deposit interest rate offered by local banks in Trinidad and Tobago is 1.5%.

Public debt

Trinidad and Tobago has a government debt of 46.6% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Trinidad and Tobago is set at 25%. Personal income tax ranges from 0% to 25%, depending on your specific situation and income level. VAT in Trinidad and Tobago is 15%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Trinidad and Tobago is $43457 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Trinidad and Tobago was last recorded at $32 million. PPP in Trinidad and Tobago is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Trinidad and Tobago is 24,463 billion. Based on this statistic, Trinidad and Tobago is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Trinidad and Tobago was last recorded at $18 million. The average citizen in Trinidad and Tobago has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Trinidad and Tobago averaged 2.3% in 2014. According to this percentage, Trinidad and Tobago is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Trinidad and Tobago.

Industry

Major industries in the country are petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles. The total labor force of Trinidad and Tobago is 674,240 people, wherein 4.8% of population in the country are unemployed. The total number of unemployed people in Trinidad and Tobago is 65,885. The Industrial Production growth rate of Trinidad and Tobago is 2.5%.To read more about industrial information within Trinidad and Tobago click on industry of Trinidad and Tobago.

Agriculture

There are 750 km2 of arable land in Trinidad and Tobago, and it comprises 15% of the country's total territory. There are 1220 km2 of cultivated land in Trinidad and Tobago. The country's major agricultural crops and products are cocoa, rice, citrus, coffee, vegetables, poultry.To read more about agriculture click on agriculture of Trinidad and Tobago.