The Consulate General will be closed on Tuesday 29 July, 2014 in observance of Eid-ul-Fitr.  Consulate General will re open on next working day at 7am Wednesday 30 July, 2014 at 7am.

The Economy of the Republic of Trinidad and Tobago

Trinidad and Tobago continues to experience real GDP growth as a result of economic reforms, tight monetary policy and fiscal responsibility. Long-term growth looks promising, as Trinidad and Tobago further develops its natural resources and the industries which follow down stream from natural gas, including petrochemicals, fertilizers, iron/steel and aluminum.

Strong economic growth in Trinidad and Tobago over the past few years has led to trade surpluses, even with high import levels due to industrial expansion and increased consumer demand. In 2006, unemployment fell to 5% down from 6.7% in 2005 and stood at 6.5% during the first quarter of 2007. Currently, as the non energy sector continues to do relatively well, unemployment in Trinidad & Tobago remains low – 4.6 percent. There are no currency or capital controls and the Central Bank maintains the TT dollar in a lightly managed, stable float against the U.S. dollar. The exchange rate as of January 2009 is $TT 6.2993 to US$1

Trinidad and Tobago has made a transition from an oil-based economy to one based on natural gas. The petrochemical sector, including plants producing methanol, ammonia, urea, and natural gas liquids, continued to grow in line with natural gas production, which up until the last quarter of 2008 continued to expand to meet the needs of new industrial plants coming on stream over the next few years, including iron, aluminum, ethylene and propylene. Trinidad and Tobago is the fifth-largest exporter of LNG in the world and the single largest supplier of LNG to the U.S., supplying two-thirds of all LNG imported into the U.S.

With the sharp decline in international oil and gas prices and the resulting falling demand for energy - based products, the Central Bank estimated real GDP growth to have slowed to approximately 3.5 percent at the close of 2008. Headline inflation accelerated to 14.8 percent as at September 2008 and food inflation reached 35 percent stemming primarily from the record rise in international food prices. The Central Bank’s projection is for real GDP growth to decline to approximately 2 percent in 2009. It is not anticipated that the slow down in the energy sector will significantly affect the unemployment rate.

Trinidad and Tobago has an open investment climate. Since 1992, almost all investment barriers have been eliminated. The government continues to welcome foreign investors and has concluded double taxation, investment protection and intellectual property rights agreements, and bilateral investment treaties with several countries including the United States.