Methodology employed:
Datas for the economic system of Trinidad and Tobago was collected from the CSO ( Central Statistical Office ) Information was collected for the period ( 1995- 2005 ) in the countries of economic growing as represented by alterations in GDP ( Gross Domestic Product ) every bit good as GNP ( Gross National Product ) . unemployment. rising prices and the balance of payments. This information was so evaluated and analysed to find major tendencies or findings and do recommendations.

Purposes:
* To bring forth a statistical study on the economic wellness of the Trinidad and Tobago economic system base on the public presentation of cardinal macro-economic indexs.

* To analyze the deductions of the tendencies observed in the information.

* To do recommendations that can better the quality of life or the criterion of life for citizens in the Trinidad and Tobago economic system.

PREASENTATON OF DATA:
GDP ( Gross Domestic Product ) VS GNP ( Gross National Product ) statics for Trinidad and Tobago.

Table 1 demoing GDP figures for the old ages ( 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. Screening gdp figures for the twelvemonth ( 1995-2005 )

GDP STATISTICS EXPOUNDED
The economic system of Trinidad and Tobago for the twelvemonth ( 1995 -2005 ) continues to see affirmatory economic growing. Economic growing is defined as an addition in the degree of end product produced in an economic system as measured by GDP. Real GDP measures the volume of goods and services produced otherwise known as the degree of existent end product. As existent GDP rises. it means that production and ingestion of goods and services produced throughout the economic system would hold expanded. The growing rate of an economic system is measured by ciphering the one-year alteration in existent GDP. In ciphering Real GDP a GDP deflator or monetary value index is used.

Internet Explorer: Change in Real GDP ? 100 Initial old ages GDP

tabular array ( 1. 1 ) shows the reasulting transitions of nominal gross domestic product into existent gross domestic product. Year| Price Index or GDP Deflator ( % ) | Nominal GDP ( Current Prices in Millions ) | Real GDP ( Changeless Prices in Millions ) | 1995| 91| | |

1996| | | |
1997| | | |
1998| | | |
1999| | | |
2000| | | |
2001| | | |
2002| | | |
2003| | | |
2004| | | |
2005| | | |

TABLE ( 1. 2 ) Screening GNP FIGURES FOR THE PERIOD ( 1999-2005 ) YEAR| Gross national merchandise ( tt $ one million millions ) |
1995| 28. 8|
1996| 31. 5|
1997| 33. 4|
1998| 35. 9|
1999| 40. 4|
2000| 47. 4|
2001| 51. 7|
2002| 53. 3|
2003| 66. 5|
2004| 77. 3|
2005| 91. 6|

GRAPH ( 1. 1 ) Screening GNP STATICS FOR THE YEAR ( 1995-2005 )

Gross National Product is gross domestic merchandise adjusted for net belongings income from abroad. This requires that grosss of factor incomes from the remainder of the universe are added to GDP. while payments of factor incomes to the remainder of the universe are subtracted. Although GDP is the step of end product produced within an economic system. it turns out that some production installations in a state would be foreign owned an associated income would accrue to aliens. for illustration the net income earned by BPTT. the Trinidad and Tobago subordinate British Petroleum. is repatriated to its foreign stockholders. Such escapes of income must hence be subtracted from GDP in the computation of GNP. By the same item. subjects of a state may have productive resources in foreign economic systems. All income generated from such foreign assets hence provide an extra beginning of income to the place economic system. For illustration. the divided received by a Jamaican investor who invests in Trinidad Publishing Ltd represents an influx of income to Jamaica from abroad. such income is added to GDP in the computation of GNP.

tabular array ( 1. 3 ) demoing 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 ) demoing A COMPARISON OF GDP AND GNP LEVELS

WHY SHOULD GDP DATA BE COATED FOR TRINIDAD AND TOBAGO RATHER THAN GNP DATA

For illustration in the reading of the budget the finance curate used GDP figures to speak about the government’s direction of the economic system in the twelvemonth ( 2010-2011 ) . GDP statics nevertheless does province to a population listening to the budget about the efficiency of the authorities in stimulating or increasing production from locally owned factors of production. GDP statics for Trinidad and Tobago nevertheless are ever more attractive than GNP statics as demonstrated in table 1. 3 and graph 1. 2. Because GDP statics expression and sound superior they are the pick of politicians who ever aim to affect. From graph 1. 2 we see that when consideration is given to net belongings income from abroad GNP is ever less than GDP for the Trinidad and Tobago economic system. This is because of the big multinational ( MNC ) presence in its most booming economic sector. ( A transnational corporation MNC is a concern which has operations in multiple states ) . the important spread between GDP and GNP figures over the 10 twelvemonth period under consideration suggests that local production has been less attractive than a combine figure of both local and foreign based production. Therefore GDP as an economic atmospherics that reflect production in a transnational dominated production sector is non every bit effectual as an index of meaningful productiveness as GNP.