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Indicators of economy in Trinidad and Tobago

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Trinidad and Tobago, on the other hand, reached USD 16,033 per capita, or 24.46 billion USD for the whole country. Trinidad and Tobago is one of the smaller economies and is currently ranked 110. If this is calculated per inhabitant, taking purchasing power parity into account, then Trinidad and Tobago ranks 61st in the list of the richest countries.

Inflation in Trinidad and Tobago in 2021 was around 2.06%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 42, which is below average by global standards.


Back to overview: Trinidad and Tobago

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Trinidad and Tobago. Overall, gross domestic product in 2020 fell from 23.85 billion US dollars to 21.06 billion US dollars. With a large drop of 11.70 percent, the economy in Trinidad and Tobago has struggled significantly more than other countries. The tourism sector alone slumped by around 69 percent. The unemployment rate rose from 3.5 to 4.2 percent. The inflation rate fell from 1.0 percent previously to 0.6 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 24.46 billion US dollars (=102.6% of 2019).

Income and purchasing power

The average monthly income in Trinidad and Tobago is 1,250 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 41.1 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Trinidad and Tobago than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 64.1 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

 Trinidad and Tobago
Total		Trinidad and Tobago
per capita		EU
Total		EU
per capita
GDP24.46 bn USD16,032.50 USD17.177 tn USD33,384.92 USD
Gross national product22.89 bn USD15,002.29 USD16.895 tn USD32,835.37 USD


In the Global Innovation Index, Trinidad and Tobago ranked 101st in 2022 with 19.8 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1960 - 2021


› Debt budget development
› Development of inflation
› Corruption in Trinidad and Tobago
› Cost of living in a global comparison


Imports and Exports 2021

 Trinidad and Tobago
Total		Trinidad and Tobago
per capita		EU
Total		EU
per capita
Imports6.61 bn USD4,335.59 USD8.916 tn USD17,329.02 USD
Exports6.44 bn USD4,217.90 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1975 - 2021

Exports
Imports



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