Macro Economic Objective on the Health of the Economy of Trinidad and Tobago
title: a macro economic analysis on the health of the economy of trinidad & tobago
methodology employed:
Data for the economy of Trinidad and Tobago was collected from the CSO (Central Statistical Office) Information was collected for the period (1995- 2005) in the areas of economic growth as represented by changes in GDP (Gross Domestic Product) as well as GNP (Gross National Product), unemployment, inflation and the balance of payments. This data was then evaluated and analysed to determine major trends or findings and make recommendations.
AIMS: * To produce a statistical report on the economic health of the Trinidad and Tobago economy base on the performance of key macro-economic indicators.
* To examine the implications of the trends observed in the data.
* To make recommendations that can improve the quality of life or the standard of living for citizens in the Trinidad and Tobago economy.
PREASENTATON OF DATA:
GDP (Gross Domestic Product) VS GNP (Gross National Product) statics for Trinidad and Tobago.
Table 1 showing GDP figures for the years (1995-2005) YEAR | GDP (TT$ Billions) | 1995 | 31.7 | 1996 | 34.6 | 1997 | 35.9 | 1998 | 38.1 | 1999 | 42.9 | 2000 | 51.4 | 2001 | 55.0 | 2002 | 56.3 | 2003 | 70.7 | 2004 | 79.8 | 2005 | 95.1 |
GRAPH 1. SHOWING gdp figures for the year (1995-2005)
GDP STATISTICS EXPOUNDED
The economy of Trinidad and Tobago for the year (1995 -2005) continues to experience affirmative economic growth. Economic growth is defined as an increase in the level of output produced in an economy as measured by GDP. Real GDP measures the volume of goods and services produced otherwise known as the level of real output. As real GDP rises, it means that production and consumption of goods and services produced throughout the economy would have expanded. The growth rate of an economy is measured by calculating the annual change in
methodology employed:
Data for the economy of Trinidad and Tobago was collected from the CSO (Central Statistical Office) Information was collected for the period (1995- 2005) in the areas of economic growth as represented by changes in GDP (Gross Domestic Product) as well as GNP (Gross National Product), unemployment, inflation and the balance of payments. This data was then evaluated and analysed to determine major trends or findings and make recommendations.
AIMS: * To produce a statistical report on the economic health of the Trinidad and Tobago economy base on the performance of key macro-economic indicators.
* To examine the implications of the trends observed in the data.
* To make recommendations that can improve the quality of life or the standard of living for citizens in the Trinidad and Tobago economy.
PREASENTATON OF DATA:
GDP (Gross Domestic Product) VS GNP (Gross National Product) statics for Trinidad and Tobago.
Table 1 showing GDP figures for the years (1995-2005) YEAR | GDP (TT$ Billions) | 1995 | 31.7 | 1996 | 34.6 | 1997 | 35.9 | 1998 | 38.1 | 1999 | 42.9 | 2000 | 51.4 | 2001 | 55.0 | 2002 | 56.3 | 2003 | 70.7 | 2004 | 79.8 | 2005 | 95.1 |
GRAPH 1. SHOWING gdp figures for the year (1995-2005)
GDP STATISTICS EXPOUNDED
The economy of Trinidad and Tobago for the year (1995 -2005) continues to experience affirmative economic growth. Economic growth is defined as an increase in the level of output produced in an economy as measured by GDP. Real GDP measures the volume of goods and services produced otherwise known as the level of real output. As real GDP rises, it means that production and consumption of goods and services produced throughout the economy would have expanded. The growth rate of an economy is measured by calculating the annual change in