Bond Trinidad & Tobago 4.5% ( USP93960AG08 ) in USD

Trinidad & Tobago

99.3 % ▲

Trinidad and Tobago

USP93960AG08 ( in USD )

4.5% per year ( payment 2 times a year)

03/08/2026

Prospectus brochure of the bond Trinidad and Tobago USP93960AG08 en USD 4.5%, maturity 03/08/2026

P93960AG0

04/08/2026 ( In 124 days )

Trinidad and Tobago is a twin-island nation in the southern Caribbean Sea known for its diverse culture, vibrant Carnival celebrations, significant petroleum and natural gas reserves, and stunning beaches.

The Bond issued by Trinidad & Tobago ( Trinidad and Tobago ) , in USD, with the ISIN code USP93960AG08, pays a coupon of 4.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 03/08/2026

LISTING PARTICULARS

U.S.$1,000,000,000
The Republic of Trinidad and Tobago
4.500% Notes due 2026
______________
The 4.500% Notes due 2026 (the "Notes") of the Republic of Trinidad and Tobago (the "Republic" or "Trinidad and Tobago") are
the direct, general and unconditional obligations of the Republic. The Notes constitute a charge upon and are payable out of the
Consolidated Fund (as defined herein) of the Republic and shall at all times rank at least equally with all other present and future obligations
of the Republic that constitute charges upon the Consolidated Fund; it being understood that this provision in the indenture governing the
Notes shall not be construed so as to require the Republic to make payments under the Notes ratably with payments being made under any
other such present and future obligations.
Interest on the Notes is payable in arrears on February 4 and August 4 of each year, commencing on February 4, 2017 and the
Notes will mature on August 4, 2026. Payments on the Notes will be made without deduction for or on account of withholding taxes
imposed by the Republic to the extent described under "Taxation."
The indenture governing the Notes contains provisions, commonly known as "collective action clauses," regarding acceleration
and voting on future amendments, modifications and waivers (which are described in the section entitled "Description of the Notes --
Modifications, Amendments and Waivers") under which the Republic may amend the payment provisions of the indenture and certain other
terms with the consent of the holders of: (1) with respect to the Notes, more than 75% of the aggregate principal amount of the outstanding
Notes; (2) with respect to two or more series of debt securities (including the Notes), if certain "uniformly applicable" requirements are met,
more than 75% of the aggregate principal amount of the outstanding debt securities of all series (including the Notes) affected by the
proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities (including the Notes), whether or
not the "uniformly applicable" requirements are met, more than 66% of the aggregate principal amount of the outstanding debt securities
of all series (including the Notes) affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate
principal amount of the outstanding debt securities of each series (including the Notes) affected by the proposed modification, taken
individually.
The Republic has made an application for the Notes to be admitted on the Official List of the Luxembourg Stock Exchange and to
be admitted for trading on the Euro MTF market. These listing particulars constitute a prospectus for the purposes of the Luxembourg Law
on prospectuses for securities, dated July 10, 2005, as amended. These listing particulars may be used only for the purposes for which they
have been published.
See "Risk Factors" beginning on page 7 of these listing particulars for a description of the principal risks involved in
making an investment in the Notes.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or
with any securities regulatory authority of any state or other jurisdiction of the United States. The Notes are being offered only to qualified
institutional buyers (as defined in Rule 144A under the Securities Act ("Rule 144A")) in the United States in transactions exempt from the
registration requirements of the Securities Act and to persons outside the United States in reliance on Regulation S of the Securities Act
("Regulation S"). Prospective purchasers of the Notes are hereby notified that sellers of the Notes may be relying on the exemption from the
provisions of Section 5 of the Securities Act provided by Rule 144A. For certain restrictions on resales, see "Transfer Restrictions."
_________________________
Price: 100.000% plus accrued interest, if any, from August 4, 2016.
_________________________
The Initial Purchaser (as defined below) delivered the Notes to purchasers in book-entry form only through the facilities of The
Depository Trust Company ("DTC"), Euroclear Bank, S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme Luxembourg
("Clearstream") on or about August 4, 2016.
Sole Bookrunner
Deutsche Bank Securities
_________________________
Joint Lead Managers
Deutsche Bank Securities
First Citizens Bank Limited
The date of these listing particulars is August 10, 2016.

NOTICES
These listing particulars contain important information that you should read carefully before any
decisions are made with respect to the Notes. The Republic is furnishing these listing particulars to you solely
for use in connection with your investment in the Notes. You should rely only on the information contained
in these listing particulars. No person has been authorized to give any information or to make any
representations with respect to the matters described in these listing particulars other than those contained
herein or therein and, if given or made, such information or representations must not be relied upon as
having been authorized by the Republic or either of Deutsche Bank Securities Inc. (the "Initial Purchaser")
or First Citizens Bank Limited (the "Placement Agent" and, together with the Initial Purchaser, the "Joint
Lead Managers").
The information contained herein is as of the date hereof and subject to change, completion or amendment
without notice. The delivery of these listing particulars shall not under any circumstances create any implication
that the information contained herein is correct as of any time subsequent to the date hereof, or that there has been
no change in the information set forth herein or in any attachments hereto or in the affairs of the Republic or any of
its agencies or political subdivisions since the date hereof.
In making an investment decision with respect to the Notes, you must rely on your own examination of the
Republic and of the terms of the Notes, including, without limitation, the merits and risks involved. The offer of the
Notes is being made on the basis of these listing particulars. Any decision to invest in the Notes must be based
solely on the information contained herein.
None of the Republic, the Joint Lead Managers, the Trustee (as defined below), any paying agent or any of
their delegates or agents makes any recommendation in connection with the Notes. You should not construe the
contents of these listing particulars as investment, legal or tax advice.
Neither the U.S. Securities and Exchange Commission, any state securities commission nor any other U.S.
regulatory authority has approved or disapproved the Notes, nor have any of the foregoing authorities passed upon
or endorsed the merits of this offering or the accuracy or adequacy of these listing particulars. Any representation to
the contrary is a criminal offense.
The distribution of these listing particulars or any part of these listing particulars, and the offer, sale and
delivery of the Notes, may be restricted by law in certain jurisdictions. Persons who receive these listing particulars
are required to inform themselves about and to observe any such restrictions. These listing particulars do not
constitute an offer to sell or a solicitation of an offer to buy Notes in any jurisdiction to any person to whom it is
unlawful to make the offer or solicitation in such jurisdiction. These listing particulars may only be used for the
purposes for which these listing particulars have been published.
The Notes are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act and applicable state securities laws pursuant to registration thereunder
or exemption therefrom. See "Transfer Restrictions."
Certain amounts included in these listing particulars have been subject to rounding adjustments;
accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede
them.
Unless otherwise specified or the context requires, references to "U.S. dollars" and "U.S.$" are to United
States dollars and references to "TT dollars" and "TT$" are to Trinidad and Tobago dollars.
See "Description of the Notes -- Consent to Enforcement" for a discussion of the difficulties that may
confront a holder of a Note attempting to obtain, or to realize upon, judgments of United States or foreign courts
against the Republic in connection with claims arising from the Notes.

i

OFFICIAL STATEMENTS
Information in these listing particulars whose source is identified as a publication of the Republic or one of
its agencies or instrumentalities relies on the authority of such publication as a public official document of the
Republic.
The Republic, having made all reasonable inquiries, confirms that these listing particulars contain all
information that is material in the context of the issue of the Notes, that the information contained in these listing
particulars is true and accurate in all material respects, and that there are no other facts the omission of which makes
these listing particulars as a whole or any such information misleading in any material respect. The Republic
accepts responsibility accordingly.

ii

TABLE OF CONTENTS
Page
Certain Defined Terms and Conventions ......................................................................................................................iii
Forward-Looking Statements ....................................................................................................................................... iv
Summary........................................................................................................................................................................ 1
Risk Factors ................................................................................................................................................................... 7
Enforcement Of Civil Liabilities ................................................................................................................................. 14
Use of Proceeds ........................................................................................................................................................... 15
The Republic of Trinidad and Tobago ......................................................................................................................... 16
The Economy ............................................................................................................................................................... 18
Foreign Trade and Balance of Payments ..................................................................................................................... 45
Monetary System ......................................................................................................................................................... 48
Public Sector Finances ................................................................................................................................................. 54
Public Sector External Debt......................................................................................................................................... 60
Description of the Notes .............................................................................................................................................. 63
Taxation ....................................................................................................................................................................... 75
Plan of Distribution ..................................................................................................................................................... 78
Form, Denomination and Transfer............................................................................................................................... 83
Transfer Restrictions .................................................................................................................................................... 86
General Information .................................................................................................................................................. 899
Appendix A Republic of Trinidad and Tobago: Public Sector Debt ....................................................................... 90
_________________________
CERTAIN DEFINED TERMS AND CONVENTIONS
Exchange Rates
On April 13, 1993, the Republic abandoned a fixed exchange rate regime and adopted a managed floating
exchange rate regime whereby foreign exchange transactions are handled through authorized and licensed dealers
who actively trade in the foreign exchange market.
The following tables outline the exchange rates, as the midpoint of the buying and selling rates, in terms of
TT dollars per U.S. dollar, for the periods indicated, as reported by the Central Bank of Trinidad and Tobago (the
"Central Bank").

Exchange Rate
Period (Calendar Year Ended December 31)
Period Average
End of Period

(TT dollars per U.S. dollar)
2011 .........................................................................................................................
6.3995
6.4093
2012 .........................................................................................................................
6.4033
6.3815
2013 .........................................................................................................................
6.4156
6.4385
2014 .........................................................................................................................
6.3850
6.3585
2015 .........................................................................................................................
6.3537
6.4196
2016 (through July 15, 2016) ...................................................................................
6.5700
6.6856

Exchange Rate
Period (Fiscal Year Ended September 30)
Period Average
End of Period

(TT dollars per U.S. dollar)
2011 .........................................................................................................................
6.3886
6.4161
2012 .........................................................................................................................
6.4020
6.4183
2013 .........................................................................................................................
6.4102
6.4195
2014 .........................................................................................................................
6.4052
6.3583
2015 .........................................................................................................................
6.3443
6.3454

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Exchange Rate
Period (Fiscal Year Ended September 30)
Period Average
End of Period

(TT dollars per U.S. dollar)
2016 (through July 15, 2016) ...................................................................................
6.5087
6.6856

Source: Central Bank of Trinidad and Tobago
In these listing particulars, certain amounts stated in U.S. dollars have been translated, for the convenience
of the reader, from TT dollars, using, unless otherwise indicated, an exchange rate of TT$6.6448 per U.S. dollar,
which is the midpoint of the buying and selling rates for US dollars, calculated from Central Bank data for June 30,
2016. Such translations should not be construed as a representation that the TT dollar could have been converted at
such rate on such date or at any other time.
Presentation of Financial Information
In these listing particulars, references to any fiscal year of the Republic mean the 12-month period
beginning October 1 of the prior year and ending on September 30 of that year. For example, a reference to "fiscal
year 2014" is a reference to the period beginning October 1, 2013 and ending September 30, 2014. References to
years which are not preceded by "fiscal year" are references to the calendar year. The Republic reports GDP figures
on a calendar year basis.
Since the Republic's official financial and economic statistics are subject to review, the information in
these listing particulars may be adjusted or revised. The Republic believes that this review process is substantially
similar to the practices of many industrialized nations. The Republic does not expect revisions to be material,
although it cannot make assurances that material changes will not be made.
Unless otherwise indicated, all annual rates of growth are average annual compounded rates, and all
financial data is presented in nominal terms.
Financial projections for 2015 and 2016 are based on the 2015 and 2016 budgets and are for the full year.
These budgetary figures are not directly comparable with other figures as they are estimates. In addition, these
amounts may change during the year as a result of subsequent events.
Certain Defined Terms
These listing particulars use the terms set forth below in the following manner:
"Exports" are calculated based upon statistics reported to the Republic's Customs and Excise Division upon
departure of goods from the Republic on a free-on-board basis at a given departure location.
"Gross domestic product" or "GDP" means the total value of final products and services produced in the
Republic during the relevant period.
"Imports" are calculated based upon statistics reported to the Republic's Customs and Excise Division upon
entry of goods into the Republic on a cost, insurance and freight included basis.
"Rate of inflation" or "inflation rate" is measured by the change in the annual amount of all of the items in the
current year over the previous year. The Retail Price Index ("RPI") is calculated on the basis of a weighted
basket of consumer goods and services using a monthly geometric averaging method.
FORWARD-LOOKING STATEMENTS
Certain statements under the captions "Summary," "The Economy," "Use of Proceeds," "Foreign Trade
and Balance of Payments," "Monetary System," "Public Sector Finances" and "Public Sector External Debt" and
elsewhere in these listing particulars constitute forward-looking statements, which are statements that are not
historical facts, including statements about the Republic's beliefs and expectations. These statements are based on
the Republic's current plans, estimates and projections. These statements involve known and unknown risks,
uncertainties and other factors, including, but not limited to, those set forth in "Risk Factors" in these listing

iv

particulars, that may cause the actual results or performance of the Republic, or industry results, to be materially
different from any future results, performance or achievements expressed or implied by such forward-looking
statements. Forward-looking statements speak only as of the date they are made. The Republic undertakes no
obligation to update any of them publicly in light of new information or future events, including changes in the
Republic's economic policy or budgeted expenditures, or to reflect the occurrence of unanticipated events. Factors
that could cause the Republic's actual results or performance to differ materially from such forward-looking
statements include, but are not limited to, those described in "Risk Factors," adverse external factors, such as high
international interest rates, low oil prices and recession or low growth in the Republic's trading partners; adverse
domestic factors, such as a decline in foreign direct investment, increases in domestic inflation, high domestic
interest rates and exchange rate volatility; and other adverse factors, such as climatic events and political
uncertainty.

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SUMMARY
The following constitutes a summary of the main characteristics and risks associated with the Republic and
the Notes. This summary does not purport to be complete and must be read along with the other information
included in these listing particulars. Any decision to invest in the Notes should be based on a consideration of these
listing particulars as a whole, including the risks described under "Risk Factors."
The Republic
The Republic believes it has evolved into an economic leader within the Caribbean and a developing force
in the regional and global energy industry. The Republic continues to benefit from its commitment to free trade, a
dynamic workforce, a stable exchange rate and its natural resources. All of these factors have contributed to a
growing economy with prospects for foreign investment.
Recent Economic Trends
Following 15 years of positive real economic growth, the Republic was adversely affected by the global
financial crisis, which contributed to negative growth of 0.2% for calendar year 2011. For calendar years 2012 and
2013, however, the Republic returned to positive growth, with an expansion in real GDP of 1.3% and 2.3%
respectively. The Republic's real economic growth declined by 1% in calendar year 2014. This was mainly
attributable to an estimated 2.4% contraction in the petroleum sector, with only a mild growth of 0.1% in the non-
petroleum sector. For calendar year 2015, preliminary estimates show marginal real economic growth of 0.2% due
to growth in the non-petroleum sector of 2.3%, outweighing a second year of decline in the petroleum sector of
3.4% in calendar 2015.
The decline in the petroleum sector was mainly driven by maintenance upgrades, the need for
infrastructural developments offshore, gas supply issues, and lower energy prices which affected the energy sector in
2014, and continued into 2015. Growth in the non-petroleum sector in 2015 is estimated to have been driven by
growth in finance, insurance and real estate (8.6%); construction and quarrying (3.4%); government (8.3%);
transport storage and communication (1.2%); and manufacturing (1.3%).
The weak performance of the domestic economy in calendar year 2015 negatively affected the labor
market, resulting in the loss of jobs and a commensurate rise in the unemployment rate. The rate of unemployment
averaged 3.7% during calendar year 2015, an increase from 3.3% in calendar year 2014.
With the decline in global energy prices and depleted volumes of oil and gas available for export, total
export receipts declined by 26.6% in the first nine months of 2015 compared with the same period in 2014. While
imports have fallen, the demand for foreign exchange has remained persistently high. In the second half of 2015,
sales by authorized dealers to the public grew by 3.4% compared with the same period in the previous year. In light
of the tighter market conditions, the exchange rate of the TT dollar against the US dollar depreciated by 1% in 2015
and by a further 4.1% through July 15, 2016, to TT$6.6856/US$1.
The Republic's balance of payments has not been consistent during the years 2011 to 2015, with overall
deficits recorded in 2012 and in 2015. The overall balance of payments stood at a surplus of U.S.$1,329.6 million in
2014 and a deficit of U.S.$1,528.5 million in 2015 mostly due to a sharp drop-off in energy exports in 2015. Both
the Republic's current and capital accounts were in surplus in 2014; amounting to U.S.$377.6 million and
U.S.$952.0 million respectively. In contrast, for calendar year 2015, the Republic's current account is estimated to
show a deficit of U.S.$101.2 million, while a deficit of U.S.$1,427.3 is estimated for its capital account.
Headline inflation was well contained in 2015 and in early 2016. According to the Central Statistical
Office (CSO), the inflation rate averaged 4.7% in 2015 compared with 5.7% in 2014 and 5.2% in 2013. The rate of
inflation stood at 3.4% (year-on-year) in May 2016. On a year-on-year basis, headline inflation averaged 3.2% in
the first five months of 2016.
The Central Bank raised its main policy rate, the repurchase or Repo rate, on eight successive occasions
beginning in September 2014 and throughout 2015, mainly in anticipation of monetary policy normalization in the
US. However, the Bank halted further rate increases in early 2016 in order to support the domestic economy as the

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international and domestic economic climate worsened. As of the date of these listing particulars, the Repo rate
stands at 4.75%, significantly higher than the rate of 2.75% in September 2014 when the tightening cycle began.
The halt in the Repo rate increases was supported by a benign inflation environment. Between September 2014 and
January 2016, the median commercial bank prime lending rate tracked the increases in the Repo rate, rising from
7.50% in September 2014 to 9.00% in January 2016. With the Repo rate being held at 4.75% thus far in 2016, the
prime lending rate remained at 9.00% as at June 2016. Private sector credit growth has been relatively resilient
despite the anemic macroeconomic performance. On a year-on-year basis, private sector credit granted by the
consolidated financial system rose by 6.7% for the year ended April 30, 2016 compared with 6.1% growth for the
year ended December 31, 2015 and 7.4% growth for the year ended December 31, 2014.
Following the increase in the Republic's borrowing limits under the Treasury Bills and Notes Acts in late
2013, the Central Bank was able to employ Open Market Operations more fully in its liquidity management. The
House of Representatives of the Republic approved an increase in the Central Bank's authorization for Open Market
Operations from TT$5.0 billion (U.S.$752.6 million) to TT$15.0 billion (U.S.$2.26 billion) for issuances of treasury
notes and from TT$15.0 billion (U.S.$2.26 billion) to TT$30.0 billion (U.S.$4.52 billion) for issuances of treasury
bills. The Central Bank's liquidity management goal centers on maintaining liquidity levels consistent with stable
inflation, while ensuring sufficient liquidity to facilitate the smooth functioning of the financial system. Liquidity
levels in the banking system fell from a daily average of roughly TT$6.8 billion in 2014 to TT$3.4 billion in 2015.
Liquidity conditions were slightly more relaxed in the first five months of 2016 as the market anticipated issuances
of Government securities. Between January and June 2016, banks' excess reserves averaged TT$4.64 billion daily.
Given the changing liquidity dynamics and public sector financing requirements, the Central Bank was able to
reduce the outstanding balances on some supplemental liquidity absorption instruments it had relied on in the past.
In October 2015, a TT$2 billion commercial bank fixed deposit held at the Central Bank was not reissued upon
maturity. A similar approach was taken with respect to two additional deposits having a combined value of TT$2.5
billion in December 2015 and May 2016. Additionally, proceeds of roughly TT$1.8 billion from prior Central
Government bonds issued under the Development Loans Act for liquidity sterilization purposes were made available
to the Government. The reduction of excess liquidity and lagging pass through effects from past Repo rate increases
led to higher interest rates on Government securities in 2015 and early 2016 compared with rates in 2014.
Social and Economic Policy Framework
The Government of the Republic recognizes the need for balanced growth and development that allows for
socio-economic progress and environmental preservation. Thus, the vision that anchors its policy framework is that
all citizens must be afforded the opportunity to prosper and that the Republic's economy must be driven by
innovative, entrepreneurial activity. Underlying this vision to achieve sustained growth and development is a
commitment to adopt good governance principles in all aspects of public administration including economic
inclusiveness, greater equity and transparency in the distribution of resources and more meaningful citizen
participation in national decision-making.
Trinidad and Tobago's strategy for generating growth and sustainability is to shift from dependence on
hydrocarbon resources to an emphasis on business development through innovation and competitiveness, human
capital formation that is aligned to labor market needs and diversification of the economy. Economic growth alone
is not sufficient for development. Economic benefits must result in social transformation. The Government's goal
is to create conditions that will engender greater equity and inclusiveness in society through expanded opportunities
for wealth generation and accumulation, and participation by each individual, community and region in the
country's national development process. Socio-economic progress must be pursued in the context of prudent spatial
management and within environmental limits.
Selected Economic Information of the Republic
The tables below set out selected economic information of the Republic (or estimates of such information,
where so indicated) for the fiscal years ended September 30, 2011, 2012, 2013, 2014 and 2015.

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Fiscal Year Ended September 30,(1)
Key Economic Indicators
2011
2012
2013
2014
2015E

The Economy

Real GDP(2) ..............................
91,523.9
92,708.2
94,803.9
93,840.9
94,008.2
Real GDP (in millions of U.S.

dollars)*(2) ...........................
14,301.7
14,478.2
14,777.1
14,697.1 14,795.8
Real GDP growth(2) ..................
(0.3)%
1.3%
2.3%
(1.0)%
0.2%
Nominal GDP(2) .......................
163,007.8
165,203.2
170,371.2
174,756.9
165,286.1
Nominal GDP (in millions of
U.S. dollars)(2) ..........................
25,472.0
25,799.7
26,555.8
27,369.9
26,014.1
Nominal GDP growth(2) ...........
15.4%
1.3%
3.1%
2.6%
(5.4)%
Petroleum Sector (as a
percentage of Nominal
GDP)(2) ................................
44.8%
41.4%
38.3%
37.2%
32.1%
Non-Petroleum Sector (as a
percentage of Nominal
GDP)(2) ................................
55.7%
57.9%
60.9%
62.3%
67.4%
Annual Average Inflation(8) ......
5.1%
9.3%
5.2%
5.7%
4.7%
Balance of Payments

Exports (in millions of U.S.
dollars)(2)(3) ..........................
14,943.4
12,916.1
18,744.8
14,566.1
10,803.9
Imports (in millions of U.S.
dollars)(2)(3) ..........................
9,488.1
11,644.1
12,629.1
11,276.1
9,473.7
Trade Balance (in millions of
U.S. dollars)(2)(3) ...................
5,455.3
1,272.1
6,115.7
3,290.1
1,330.1
Current Account Balance (in
millions of U.S. dollars)(2)(3) .
1,787.2
-2,738.6
3,419.9
377.6
-101.2
Gross International
Reserves(2)(4) .........................
12,313.6
12,251.4
13,074.4
14,383.3
13,296.9
Exports of Goods and Non-
Factor Services (in millions
of U.S. dollars Calendar
Year) ...................................
16,105.3
14,310.2
20,026.8
15,973.5
12,142.8
Exports of Goods and Non-
Factor Services (in millions
of U.S. dollars Fiscal
Year) ...................................
16,116.2
13,326.1
20,148.3
16,316.2
12,996.8
Public Finance

Public Sector Revenue (as a
percentage of Nominal
GDP) ...................................
33.6%
34.0%
34.9%
35.4%
34.1%
Public Sector Expenditure (as a
percentage of Nominal
GDP) ...................................
35.3%
35.4%
38.1%
39.4%
35.7%
Overall Public Sector Balance
(as a percentage of Nominal
GDP)(5) ................................
1.8%
1.4%
3.2%
4.0%
1.6%
Overall Public Sector Balance
(as a percentage of Real
GDP) ..................................
1.8%
1.4%
3.2%
4.0%
1.6%
External Debt

Central Government External
Debt (in millions of U.S.
dollars) ................................
1,481.2
1,653.1
1,435.0
1,975.7
1,954.3
Total Public External Debt
(in millions of U.S.
dollars)(6) .............................
1,987.1
2,118.6
1,859.8
2,345.0
2,402.9
Total Public External Debt
(as a percentage of Nominal
GDP) ...................................
7.8%
8.2%
7.0%
8.6%
9.2%
Debt Service (in millions of
U.S. dollars)

Principal ..............................
98.6
111.1
92.9
81.6
85.7
Interest Payments .................
253.0
262.0
194.9
203.3
189.5
Total Debt Service .........
351.7
373.1
287.9
284.9
275.2
Total Debt Service Ratio
(as a percentage of
2.4%
2.9%
1.5%
2.0%
2.5%

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exports)(7) ....................

Source: Central Bank of Trinidad and Tobago; Central Statistical Office; Ministry of Finance.
E
Refers to Estimated
F Refers to forecasted 2016 data provided by the Ministry of Finance.
(1) The Central Statistical Office (CSO) is Trinidad and Tobago's official source of GDP data. This data is provided and/or updated once every
year. As such, official estimates of GDP are not yet available for 2016.
(2) On a calendar year basis, for the year ended December 31 of each period, unless otherwise indicated.
(3) Includes oil imports and exports under various processing arrangements and other balance of payments adjustments.
(4) Includes reserves held by the Central Bank, the Central Government and commercial banks.
(5) Calculated as the difference between public sector revenues and public sector expenditures.
(6) Includes Central Government external debt and debt of state-owned enterprises and statutory utilities.
(7) Represents the portion of the Republic's earnings from the export of goods that is required to pay principal and interest on the total external
debt of the Republic due in a defined period. The amount of total exports for each fiscal year was used to calculate the debt service ratio.
(8) The four month average inflation rate for the period January to April 2016 was 3.2%.

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