Trinidad and Tobago: Current account, percent of GDP

* indicates monthly or quarterly data series
 Trinidad and Tobago

Current account balance as percent of GDP

 Latest value 11.30
 Year 2023
 Measure percent
 Data availability 1980 - 2023
 Average 6.11
 Min - Max -11.99 - 38.30
 Source Central Bank of Trinidad and Tobago
The latest value from 2023 is 11.3 percent, a decline from 17.9 percent in 2022. In comparison, the world average is -1.36 percent, based on data from 124 countries. Historically, the average for Trinidad and Tobago from 1980 to 2023 is 6.11 percent. The minimum value, -11.99 percent, was reached in 1983 while the maximum of 38.3 percent was recorded in 2006. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
Trinidad and Tobago - Current account, percent of GDP - Recent values chart

Historical series
Trinidad and Tobago - Current account, percent of GDP - historical chart - 1980-2023




The current account of Trinidad and Tobago and other countries has three components: 1) the exports of goods and services minus the imports of goods and services; 2) the difference of incomes that countries pay to each other; and 3) the difference in transfers that countries make to each other. Current account deficits are reported with a minus sign and surpluses are reported with a plus sign.

A current account deficit means that the country needs to find financing for its imports. The foreign currencies it receives from selling products abroad are not enough to pay for the products it wants to buy from other countries. The needed amounts of foreign currencies can be obtained by, for example, borrowing. For instance, in the last several years the U.S. has been borrowing money from China in order to buy Chinese products.

This is not necessarily a problem. The current account deficit starts to be a problem if it exceeds 3-4 percent of GDP for many years. Over that time, the country accumulates a significant amount of foreign debt that eventually has to be repaid.
Definition: Current account balance is the sum of net exports of goods and services, net primary income, and net secondary income.

Selected articles from our guide:

What factors determine the exchange rates

International lending and sovereign debt

All articles



 Related indicators Latest Reference Measure
 Terms of trade 115.28 2021 percent
 Financial openness 1.357 2021 index points
 Foreign Direct Investment, percent of GDP -5.53 2023 percent
 Foreign Direct Investment, billion dollars -0.91 2022 billion U.S. dollars
 Portfolio investment inflows, equities 0.00 2022 million dollars (current)
 Current account, percent of GDP 11.30 2023 percent
 Current account, in dollars 5.38 2022 billion U.S. dollars
 Trade balance, in dollars 6.89 2022 billion U.S. dollars
 Reserves 6.26 2023 billion U.S. dollars
 Remittances, percent of GDP 0.63 2023 percent
 Remittances 177.19 2023 million U.S. dollars
 Net errors and omissions -2,395.19 2022 million USD
 Foreign exchange reserves 6.40 8/2024 billion
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