Trinidad and Tobago. This year’s budget contained some tax relief, and the sales tax was removed from 12 basic commodities. Economic growth during the year was estimated at 4.5%.
That calculation was perhaps just as it turned out when, a little into the new year, it became clear that the country has large exploitable oil resources. There were far-reaching plans to invest one billion dollars – in this case the largest individual investment in the entire Caribbean island world – at a liquefied gas plant in La Brea, southwest Trinidad, intended to be put into operation in 1998.
- ABBREVIATIONFINDER.ORG: What does TNT stand for? In the field of geography, this two letter acronym means Trinidad and Tobago. Check this to see its other meanings in English and other 35 languages.
When US Secretary of State Warren Christopher visited the country in early March, he handed over the keys to four highways, which the United States donated to be used in the fight against drug traffic.
At the June general elections, the ruling United National Congress party had significant successes.
According to Countryaah.com, the population of Trinidad and Tobago in 1996 was 1,254,089, ranking number 149 in the world. The population growth rate was 0.540% yearly, and the population density was 244.4834 people per km2.
Mining activities are the cornerstone of Trinidad and Tobago’s economy; among the resources of the subsoil, oil, whose production however has been decreasing since the 1980s due to the progressive impoverishment of the fields, natural gas, whose substantial reserves ensure, on the contrary, a steadily growing production, and asphalt, of which the country has the largest reserves in the world (deposit of Pitch Lake). The presence and exploitation of oil fields have led to the establishment of numerous refineries and petrochemical industries, which also process crude oil imported from Venezuela and other countries. The major refining plants are located on the island of Trinidad in Claxton Bay and Point Fortin, where two pipelines that transport crude oil from the extraction sites terminate. The presence of hydrocarbons (and therefore of cheap energy) and the possibility of importing bauxite have allowed the establishment of some factories for the production of aluminum. The rest of the industrial production involves cement, fertilizers, ammonia, beer, cigarettes and rum. Typical is the liqueur of angostura, made with the bark of the Cusparia febrifuga(or trifoliata). Despite the tropical climate, the country has scarce water resources and, consequently, the crops are poorly developed (arable land occupies less than a quarter of the land area). The only production of some importance is that of sugar cane, which however is very irregular: in fact, the harvest can vary by as much as 30% from one year to the next. Crops for local consumption are limited to maize and rice. Fishing developed. Tourism activities are expanding, concentrated in particular in Tobago. The trade balance is constantly in surplus, thanks to exports of hydrocarbons and derivatives. The USA absorb almost 45% of exports; followed by Spain, Jamaica and the Netherlands. In addition to the United States, the main suppliers (food and consumer goods) are Brazil, Venezuela and Colombia.
The road network is widespread and efficient (8320 km2, of which over half are asphalted). Port of Spain is the largest port and airport in the country.