Ludwig von Mises Institute

Trinidad and Tobago

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Country summary

Capital

Port-of-Spain

Borders

(N/A)

Government type

parliamentary democracy

Population

1,229,953 (July 2010 est.)[1]

Population growth

-0.102% (2010 est.)[1]

Life expectancy

70.86 years[1]

Unemployment

5.8% (2009 est.)[1]

Corruption Perceptions Index

79[2]

Doing Business ranking

81[3]


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.[1]

Economical characteristics[edit]

  • Currency: Trinidad and Tobago dollar (ISO code: TTD)
  • Central bank discount rate: 10.75% (31 December 2008)[1]
  • Commercial banks lending rate: 12.44% (31 December 2008)[1]
  • Stock of money (M1): $3.047 billion (31 December 2008)[1]
  • Quasi money (with M1 makes M2): $6.795 billion (31 December 2008)[1]

Notable events:[edit]

Statistics[edit]

Statistic / Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP (million USD)[5] 6 809 8 154 8 825 9 008 11 236 12 885 15 179 18 413 21 717 24 145
Govt. debt (% of GDP)[6]
Govt. revenue (% of GDP)[7] 27.138 26.021 25.777 26.955 32.274 34.681 30.335
Govt. expenses (% of GDP)[8] 23.862 24.900 22.236 23.313 23.851 29.435 24.428
Debt to revenue (years)

References[edit]

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 CIA - The World Factbook. "Trinidad and Tobago", from The World Factbook. Referenced 2010-09-30.
  2. ↑ Transparency International. "Trinidad and Tobago", Corruption Perceptions Index 2009. A lower ranking is better; but please note that the numbers cannot be compared between countries or years due to different methodology. Referenced 2010-09-30.
  3. ↑ Doing Business. "Trinidad and Tobago", Doing Business 2010 (part of The World Bank Group). A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.
  4. ↑ Carmen M. Reinhart and Kenneth S. Rogoff. "This Time is Different", Princeton University Press, ISBN 978-0-691-14216-6, p. 386. (The list does not claim to be complete.) Referenced 2011-07-21.
  5. ↑ World Bank. "Trinidad and Tobago: GDP", from World Bank Data. Referenced 2010-09-30.
  6. ↑ World Bank. "Trinidad and Tobago: government debt", from World Bank Data. Referenced 2010-09-30.
  7. ↑ World Bank. "Trinidad and Tobago: government revenue", from World Bank Data. Referenced 2010-09-30.
  8. ↑ World Bank. "Trinidad and Tobago: government expenses", from World Bank Data. Referenced 2010-09-30.

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