Trinidad and Tobago: Economic Developments and Selected Background Issues
This paper examines economic developments in Trinidad and Tobago during 1990â€“94. Economic activity in 1992â€“93 was severely affected by a fall in output in the oil/gas sector, a sharp drop in the average oil export price, and persisting weakness in the nonpetroleum sector. As a result, real GDP declined further by a cumulative 3Â½ percent in the two-year period, and unemployment rose to more than 20 percent. Real domestic expenditure fell by 3Â½ percent a year, with declines in both consumption and investment.
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