The economy of the Republic of Trinidad and Tobago is strongly influenced by, and largely dependent on its petroleum or oil and gas industry. This is because of its being the leading Caribbean producer and exporter of oil and gas to other countries, particularly the United States.
As a natural gas-based economy, the country produces natural gas estimated at 115.2 million cubic meters per day, with half of this production converted into liquefied natural gas (LNG) exported under long-term contracts, accounting for 80% of exports and 40% of gross domestic product. Aside from petroleum and petroleum products, export items include chemicals, steel, fertilizer, sugar, cocoa, coffee, citrus and flowers. It imports consist of machinery, transportation equipment, manufactured goods, food and live animals.
The country also engages in other industries such as chemicals, tourism, food processing, cement, beverages, cotton textiles, construction, transportation and communications, mining and quarrying. Infant industries enjoy assistance from the government in the form of fiscal incentives but not much as when it gained independence in 1962.
The country's modern transportation system helps to a great degree in the movement of economic goods and services on its main roads, highways, freeways and sea lanes for ferries and water taxis. The inter-island ferries and inter-city water taxis play an important role in the economic activities of the islands.
The rate of occupation in the agriculture sector is 9.5%, manufacturing, mining and quarrying combined at 12.9%, construction and utilities, 17.5%, and services, 65.6 %. The country's infrastructure has continued to expand or improve its international airports, and maintain an extensive network of paved roads with 4 to 6-lane highways and expressways.
The country's fiscal year starts October 1 and ends September 30. Its currency is TTD (Trinidad and Tobago Dollar) with an exchange rate of 6.29 TTD to a US dollar at year 2003 level.