Update on the Economy of Trinidad and Tobago

Abstract

The twin-island Republic of Trinidad and Tobago is the fifth largest country of the Caribbean. With an area of 5,128 square kilometers (sq. km.) and population of about 1.3 million, the country is characterised as a middle-income economy with per capita GOP of approximately US $6,921 per annum. Unlike most Caribbean economies, Trinidad and Tobago relies very heavily on the mining of crude oil and other energy related activities. The larger island, Trinidad (4,828 sq. km.) is generously endowed with large reserves of crude oil and natural gas as well as fertile land suited to medium-scale agricultural production, while Tobago (300 sq. km.) is renowned for its flora and unspoiled beaches.