1.82.00.72.72.8Primary central government balance (excluding interest payments)184.108.40.206.16.86.0Central Government overall balance-0.6-0.60.7-0.21.10.6External financing2.03.3-1.4-0.30.00.0Internal financing-1.4-220.127.116.11-1.1-0.6Statutory bodies..-1.7-1.7-0.8-0.6-0.9Public enterprises..0.8-1.1-18.104.22.168Public sector balance..-1.5-2.1-3.01.10.1Memo itemsFiscal year GDP (million TT$)41,700.149,250.054,105.555,301.863,490.270,445.9Non-hydrocarbons central government balance (% of GDP)-3.2-6.6-8.3-7.3-8.3-8.2Central Government debt (% of GDP)22.214.171.124.333.831.0Gross public sector debt (% of GDP)56.154.455.059.355.952.7Central Government debt service (% of exports of goods and non-factor services)20.412.116.614.04.65.7..Not available.Note:There may be slight differences in the totals due to rounding off. Fiscal years run from 1 October to 30 September.Source:WTO Secretariat based on information provided by the Ministry of Finance.
Trinidad and TobagoWT/TPR/S/151Page 925.The taxation system is heavily dependent on taxes on the hydrocarbons industry(see Chapter III(4)(i)), which account for some 40% of total revenue. The share of taxes in totalrevenue, in particular taxes on income and profits, has increased substantially since FY 2002/03 onaccount of the increase in production and prices in the hydrocarbons sector. Although there has beenan overall public sector surplus since FY 2002/03, the non-hydrocarbons sector fiscal balance hasbeen in deficit throughout the period under review. This deficit reached 8.2% of GDP in FY 2003/04,and is an important contributor to the liquidity build-up in the economy.1426.The public debt ratio fell during the period under review, from 56.2% of GDP in FY 1998/99to 52.6% in FY 2003/04, mainly triggered by a strong reduction in Central Government debt. Publicsector external debt declined by 8 percentage points of GDP in the 1999-03 period to about 15% ofGDP at end 2003; most of the debt is long-term and from commercial creditors (Table I.5). Theexternal debt service declined from 20.4% of exports of goods and non-factor services in FY 1998/99to 5.7% in FY 2003/04.(v)Balance of payments27.The current account surplus rose by over 13 percentage points of GDP, to 14.2% of GDP,between 1999 and 2004 (Table I.5), as a result of higher petroleum prices and an increased volume ofnatural gas exports. Exports from the hydrocarbons sector are responsible for this surplus: the rest ofthe economy posts a current account deficit.28.Due to the extent of its exports of hydrocarbons and related products, Trinidad and Tobagotraditionally posts a merchandise trade surplus. Exports more than doubled between 1999 and 2004,to reach US$6.4 billion; exports of natural gas and petrochemicals increased particularly fast.Merchandise imports also increased rapidly during the period under review, expanding by 78%between 1999 and 2004. The capital-intensive nature of the hydrocarbons sector triggers strongimports of capital goods when there is an investment boom in the sector, as experienced in the pastfew years.29.Traditionally, the balance of non-factor services posts a surplus, primarily from travel,transportation, and insurance. This surplus has been increasing since 2000. The deficit in investmentincome reflects remittances of profits and dividends by companies, especially in the hydrocarbonssector, as well as interest payments abroad.