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TRINIDAD AND TOBAGO TRINIDAD AND TOBAGO KEY FACTS Official Name: Republic of Trinidad and Tobago Capital: Port of Spain Area: 5,128 sq km Population: 1.3 million (UN, 2012) Main language: English GDP (current): $27.13 billion (2013 est.) GDP growth: 1.6% (2013 est.) GDP per capita: $20,300 (2013 est.) Inflation: 5.4% (2013 est.) Labour force: 621,000 (2013 est.) Unemployment: 5.9% (2013 est.) Monetary Unit: 1 Trinidad and Tobago dollar = 100 cents Exports to UK: £114,997,445 Imports from UK: £128,434,980 ‘IN LIGHT OF THE CONTINUING FALL IN OIL PRICES, THE HOTEL AND TOURISM ASSOCIATION IN TOBAGO, HAS CALLED ON THE GOVERNMENT TO LOOK AT OFFSETTING THOSE LOSSES BY BUILDING THE COUNTRY’S TOURISM SECTOR’ GDP by Sector Agriculture Industry Services (2013 est.) % of total 0.3% 57.7% 42% Main Industries Petroleum and petroleum products, liquefied natural gas (LNG), methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles Main Exports Petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, cereal and cereal products, sugar, cocoa, coffee, citrus fruit, vegetables, flowers Main Imports Mineral fuels, lubricants, machinery, transportation equipment, manufactured goods, food, chemicals, live animals Queen’s Royal College, Trinidad’s most prestigious school, Port of Spain, Trinidad and Tobago, South America Energy sector stakeholders in Trinidad and Tobago are reported to regard sending home workers as a last resort in the wake of plunging oil prices. expenditure would be “moderated” or “re-directed”. However, “selected ministries” would see funding cut by as much as 15%. To date, there have been no local reports of workers being fired from service companies which are expect to suffer the hardest hit as oil prices continue to decline. But, she also declared a “vote of confidence” in the national economy in the wake of falling crude oil and energy prices, a move welcomed by the Trinidad and Tobago Manufacturers’ Association (TTMA). Prime Minister Kamla Persad-Bissessar announced a revised budgeted oil price of US$45 per barrel and a gas price of US$2.25 per mmbtu, meaning the country would experience a projected shortfall of about TT$7.5 billion dollars. The association also applauded a decision to reduce expenditure on infrastructure (PSIP) projects for which financing had not yet been committed while supporting continued investment in long-term projects which will generate increased economic activity. She said there would be no major cuts to state spending, saying only some areas of The manufacturers also said they welcomed the policy of privatisation of certain state- 73