The twin-island nation of Trinidad and Tobago experienced 16 consecutive years of real GDP growth through 2008 as a result of economic reforms adopted in the early 1990s, tight monetary policy and, until recently, buoyant markets for its export commodities.

In 2007, the country experienced a real GDP growth rate of 5.5%. This moderated to 3.5% in 2008, with the country experiencing negative growth in the last quarter of 2008 and the first quarter of 2009 as export commodity prices fell in response to recessions in developed country markets.

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’s performance is attributable to energy-related investments, growth in the non-energy sector (increased manufactured exports, increased domestic demand for construction and services, and development of off-shore financial services), and sound macroeconomic policies.

The government’s stabilization policies yielded results in a fall in the annual inflation rate from double digits—13.3% in 1993—to a range of between 3.5% and 5.6% by 1996 to 2002

Major Facts:

Exports: $10.64 billion (2009 est.)

Export goods: 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

Main export partners: US 44.8%, Spain 7.8%, Jamaica 7%,Netherlands 7%, Mexico 4.9% (2008)

Imports: $7.449 billion (2009 est.)

Import goods: mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, and live animals

Main import partners: US 26.1%, Brazil 8.6%, Venezuela7.7%, Colombia 6.1%, Russia 5.3%,China 4% (2008)

Main industries: petroleum, chemicals, tourism, food processing, cement, beverage, cotton textiles

Trinidad and Tobago has made a transition from an oil-based economy to one based on natural gas. Natural gas production over the period October 2007 through April 2008 was 115.2 million cubic meters per day, up from 111.9 million cubic meters per day over the same period in 2006-2007.