GDPs of Countries in the Caribbean
Comparisons of national wealth are frequently made on the basis of nominal GDP and savings (not just income), which do not reflect differences in the cost of living in different countries. Hence, using a Purchasing Power Parity (PPP) basis is arguably more useful when comparing generalized differences in living standards between nations because PPP takes into account the relative cost of living and the inflation rates of the countries, rather than using only exchange rates, which may distort the real differences in income.
This is why GDP (PPP) per capita is often considered one of the indicators of a country’s standard of living although this can be problematic because GDP per capita is not a measure of personal income. It should be noted that Aruba is not considered to be a sovereign state. Rather, Aruba is a constituent country of the Kingdom of the Netherlands in the southern Caribbean Sea, located about 1,600 kilometres west of the main part of the Lesser Antilles and 29 kilometres north of the coast of Venezuela. Therefore when viewing world listings, Aruba would not be numerically ranked.
Therefore while not perfect, Gross Domestic Product per capita, is one measure is to look at a given country’s wealth. It is an acceptable indicator of the general standard of living in the country, as of course high concentrations of wealth in the hands of a smaller number of people can skew the data.
|Trinidad and Tobago||1,354,000|
So below is compiled a list of Caribbean countries using data from the last four years from the World Bank’s data center, listed in US dollar equivalents. Also to be noted is that countries with smaller populations tend to shew the data as well. Aruba, with a GDP per capita of $23,353, comes in first, followed by the Bahamas at $22,217 and Trinidad and Tobago at 21,323.
|Country||GDP Per Capita (US$)|
|Trinidad and Tobago||$21,323|
|St Kitts and Nevis||$15,510|
|Antigua and Barbuda||$13,432|
|St Vincent and the Grenadines||$6,668|
T&T at this point really needs to get alternative industries on stream quickly, in the face of low energy prices and lower outputs from its fields and refineries. For this year, unfortunately T&T’s GDP is expected to decline.
Sources: Caribbean Journal