Economy of Trinidad and Tobago

Trinidad and Tobago has been involved in the petroleum sector for over one hundred years. There has been considerable oil and gas production on land and in shallow water, with cumulative production totaling over three billion barrels of oil. Trinidad and Tobago is the largest oil and natural gas producer in the Caribbean. In the 1990s, the hydrocarbon sector moved from producing mainly oil to producing mostly natural gas. According to the EIA, in 2013, proven crude oil reserves were estimated at 728 million barrels, while 3P natural gas reserves were 25.24 trillion cubic feet (Tcf)<br>Trinidad and Tobago houses one of the largest natural gas processing facilities in the Western Hemisphere. The Phoenix Park Gas Processors Limited (PPGPL) natural gas liquids (NGL) complex is located in the Port of Savonetta. It has a processing capacity of almost 2 billion cubic feet (Bcf) per day and an output capacity of 70,000 barrels per day (bbl/d) of NGL. After processing the gas is then transferred to the various power generators (POWERGEN, TGU, or Trinity Power) for generation of electricity and to the petrochemical plants for use as a feedstock.

Tourism is another area which it is believed will soon develop rapidly, and an increased demand for jobs.[citation needed] The European Union Council on Tourism and Trade (EUCTT) has also awarded the nation as being "The Best Tourist Destination for 2012". Local hotels have already begun to make plans to facilitate an influx of European tourists upon the nation receiving this designation.[28] However, the EUCTT is not affiliated with any part of the European Union's Institutions.[29] Despite concerns over the global economy, international tourism demand continues to show resilience. The number of international tourists worldwide grew by 5% (22 million) between January and June 2012, with Asia and the Pacific (+8%) leading the growth among the regions. Given this growth rate a total of one billion international tourists are expected by the end of 2012. In 2011, the total contribution of World Travel & Tourism to global GDP was US$6,346.1bn (9.1% of GDP). In 2011, the Caribbean region received 20.9 million tourists, a growth of 4.4% over the same period in 2010. The Caribbean is the most dependent region on tourism with Travel and Tourism contributing 13.9% (US$47.1bn) to its economic output. Trinidad and Tobago received an estimated 402,058 visitors in 2011, representing 2% of all Caribbean visitor arrivals. Due to the multifaceted nature of tourism, its economic impact is not confined to any single industry. To adequately measure the economic impact of the tourism sector, the United Nations World Travel and Tourism Council (UNWTO) devised the Tourism Satellite Account (TSA), an extension of the System of National Accounts (SNA). The TSA is a detailed production account of the tourism sector showing its linkages to major industries, total employment, capital formation and additional macro-economic variables..

The country's economy has been negatively affected by fluctuating oil and gas prices and in an effort to undergo economic transformation through diversification, the government has identified the creative industries, particularly the music, film and fashion sectors, as pivotal to long-term economic sustainability. As such, the Trinidad and Tobago Creative Industries Company Limited (CreativeTT) was established in 2013 to oversee the strategic and business development of the three niche areas of film, fashion and music.