TRINIDAD AND TOBAGO - Caribbean Tourism Organization

TOTAL DEMAND
TRAVEL & TOURISM IN TRINIDAD AND TOBAGO IS EXPECTED TO
GENERATE TT$16.5 BILLION (US$2.6 BILLION) OF TOTAL DEMAND IN
2005, INCLUDING:
2,200
2,100
2,000
1,900
1,800
1,700
1,600
1,500
250
200
150
100
50
24
0
TRINIDAD & TOBAGO
Travel & Tourism Total Demand
(2005 Est. US$ mn)
Business Travel (1,071.1)
Personal Travel & Tourism (3,384.2)
Other Exports (6,394.0)
Visitor Exports (3,287.1)
Capital Investment (1,786.8)
Government Expenditures (557.9)
TRINIDAD & TOBAGO
Travel & Tourism Total Demand
(2000 Constant US$ mn)
2000 2001 2002 2003 2004 2005
TRINIDAD & TOBAGO
Travel & Tourism Total Demand
(Cumulative Real Growth, %)
1990 1995 2000 2005 2010 2015
30
28
26
24
22
20
250
200
150
100
50
0
CARIBBEAN
Travel & Tourism Total Demand
(2005 Est. US$ bn)
Business Travel (2.3)
Personal Travel & Tourism (8.9)
Other Exports (2.8)
Visitor Exports (20.7)
Capital Investment (8.5 )
Government Expenditures (2.2)
CARIBBEAN
Travel & Tourism Total Demand
(1990 Constant US$ bn)
2000 2001 2002 2003 2004 2005
CARIBBEAN
Travel & Tourism Total Demand
(Cumulative Real Growth, %)
1990 1995 2000 2005 2010 2015
■ TT$3.4 billion (US$537.2 million) of Personal Travel &
Tourism consumption by residents of Trinidad and Tobago
(8.2 per cent of total personal consumption);
■ TT$1.1 billion (US$170.0 million) of Business and
Government Travel by resident companies and government
employees;
■ TT$557.9 million (US$88.6 million) of Government
Expenditures, or 5.2 per cent of total government spending
in Trinidad and Tobago, to provide individual and collective
services to Trinidad and Tobago’s Travel & Tourism Industry
and its visitors;
■ TT$1.8 billion (US$283.6 million) of Capital Investment, or
12.6 per cent of total capital investment in Trinidad and
Tobago, in personal, commercial and public Travel &
Tourism facilities, equipment and infrastructure by residents,
Travel & Tourism companies and government agencies;
■ TT$3.3 billion (US$521.8 million) of Visitor Exports
generated from international visitor markets, or 5.5 per cent
of Trinidad and Tobago’s total exports; and
■ TT$6.4 billion (US$1.0 billion) of Merchandise Trade
Exports, or 10.6 per cent of total exports.
This breakdown of demand clearly illustrates the fact that Travel
& Tourism Exports, both goods and services, account for nearly
59 per cent of the islands’Travel & Tourism Economy. Given how
important Travel & Tourism is already, the sector must be
accorded the highest priority by government so as to ensure
sustainable growth in the future.
Over the past 15 years (1990-2005), Trinidad and Tobago’s
Travel & Tourism activity has enjoyed a period of strong growth
(from 1995-2000) followed by a more modest performance
(since 2000). But growth in Travel & Tourism activity has
nonetheless exceeded 100 per cent since 1988. This compares
with a more normalized 39 per cent cumulative growth over the
same period for the Caribbean, and with 57 per cent growth for
the world overall.
Overall,Trinidad and Tobago’s Travel & Tourism is expected
to grow by 8.0 per cent in 2005. Over the next ten years, growth
in Trinidad and Tobago’s Travel & Tourism Demand is projected
to average 5.2 per cent per annum. This would comfortably
exceed expected worldwide growth of 4.6 per cent per annum,
as well as the 3.4 per cent annual average growth forecast for the
Caribbean.
In Tobago, Travel & Tourism Demand is expected to total
TT$945.4 million (US$150.1 million) in 2005, representing
slightly less than 6 per cent of total demand. Between now and
2015,Tobago’s Travel & Tourism demand is predicted to grow by
4.4 per cent per annum.