Wednesday, May 13, 2015

Economy of Trinidad and Tobago 



The economy of Trinidad and Tobago is run by telephone services, tourism, and energy. Because of this jobs are mainly found with telephone companies, tourist destinations, and energy plants. The job market runs relatively well in the islands, as many people can find jobs in these major industries. Telephone companies hire citizens for costumer service, line maintenance and store managers. Tourist destinations hire waiters, managers, cleaners, and many others. The tourism industry, because of it's size, also creates opportunities for the population to build new businesses to cater to the hundreds of visitors each year. Energy plants supply jobs to all kinds of citizens, as they hire people for all sorts of jobs, from manual labor jobs to higher paying jobs like managing sites. 

The Trinidadian Dollar is the currency of the country, and it currently has a value of .15 US dollars. For example, a tube of toothpaste costs 2.15 USD, and 13.56 TD (Trinidadian Dollar). Average income on the islands is 10,810 USD. Compared to the average income in the United States which is 50,500 USD this is not a large income. This can be credited to the types of jobs found on the islands, not many high paying jobs can be found on either of the islands, and opportunities are more abundant in the United States. 

Trade is extremely important in Trinidad and Tobago, and because of the island's proximity to the ocean, large shipments of goods are sent out to other destinations, and arrive in the ports of Trinidad and Tobago each day. The island relies heavily on outside areas for many resources, so their imports are extremely important. Trinidad and Tobago's main imports include iron ore, gas, machines, chemical products, and food products. These products are critical to the islands, but the they also export many goods including: gas, car parts, baked goods, flavored water, fish, and toilet paper. The most prevalent of these exports is gas. The islands have sources of oil that make them able to trade readily with other nations.

Trinidad and Tobago have a very reliant economy, but thanks to the oil supply, they are able to trade easily with other countries. As the years go on, tourism also becomes a very important part of the economy, and it is interesting to see how these islands with little resources can strive to  thrive with what their land can offer. 

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