The economy of Trinidad and Tobago is very dependent on energy exports. Oil and oil-derived products made up 30 percent of GDP and more than 90 percent of exports over the last 20 years. Historically, fluctuations in the petroleum sector have always been the main driving force for fluctuations in the rest of the economy, including the labor market. Figure 1 illustrates the extent to which the real price of oil determines the terms of trade for Trinidad and Tobago
Bibliography
Includes bibliographical references (pages 25-26)
Notes
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