The major sources of income in Trinidad and Tobago are centered around its natural resources, particularly in the energy sector. Here’s a breakdown of the country’s key income sources:
1. Oil and Natural Gas (Main Source)
- Oil and gas are the backbone of the economy, especially natural gas.
- Trinidad is a major exporter of Liquefied Natural Gas (LNG).
- The country also produces petrochemicals, like:
- Ammonia
- Methanol
- Urea
- Energy accounts for ~40% of GDP and ~80% of exports (though this fluctuates with prices).
2. Petrochemical and Manufacturing Industries
- Trinidad has one of the most industrialized economies in the Caribbean.
- Strong in:
- Methanol and ammonia plants
- Steel production
- Cement
- The Point Lisas Industrial Estate is a key hub.
3. Tourism (More in Tobago than Trinidad)
- While not as dominant as in other Caribbean nations, tourism still contributes:
- More focused in Tobago (resorts, diving, eco-tourism)
- Trinidad is more business-focused tourism (carnival, conferences, etc.)
4. Services and Finance
- Banking, insurance, and other financial services are growing steadily.
- Port-of-Spain is a regional financial center in the Caribbean.
5. Agriculture (Minor but Present)
- Includes:
- Cocoa
- Sugarcane (once dominant, now much reduced)
- Fruits and vegetables
- Agriculture contributes less than 1% of GDP today.
Summary Table:
| Sector | Contribution to Economy |
|---|---|
| Oil & Gas | ~40% of GDP / 80% exports |
| Manufacturing | ~10–15% of GDP |
| Services | ~50% of GDP |
| Tourism | Small but growing (esp. Tobago) |
| Agriculture | <1% of GDP |
