Macro Economic Objective on the Health of the Economy of Trinidad and Tobago
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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…show more content…
table (1.3) showing the COMPARISON OF GDP AND GNP STATICS FOR TRINIDAD AND TOBAGO.(1995-2005) YEAR | GDP FIGURES (TT$BILLION) | GNP FIGURES (TT$BILLION) | 1995 | 31.7 | 28.8 | 1996 | 34.6 | 31.5 | 1997 | 35.9 | 33.4 | 1998 | 38.1 | 35.9 | 1999 | 42.9 | 40.4 | 2000 | 51.4 | 47.4 | 2001 | 55.0 | 51.7 | 2002 | 56.3 | 53.3 | 2003 | 70.7 | 66.5 | 2004 | 79.8 | 77.3 | 2005 | 95.1 | 91.6 |
GRAPH (1.2) showing A COMPARISON OF GDP AND GNP LEVELS
WHY SHOULD GDP DATA BE COATED FOR TRINIDAD AND TOBAGO RATHER THAN GNP DATA
For example in the reading of the budget the finance minister used GDP figures to talk about the government’s management of the economy in the year (2010-2011). GDP statics however does state to a population listening to the budget about the efficiency of the government in stimulating or increasing production from locally owned factors of production. GDP statics for Trinidad and Tobago however are always more attractive than GNP statics as demonstrated in table 1.3 and graph 1.2. Because GDP statics look and sound superior they are the choice of politicians who always aim to impress. From graph 1.2 we see that when consideration is given to net property income from abroad GNP is always less than GDP for the Trinidad and Tobago economy. This is because of the large multinational (MNC) presence in
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