Oil and gas, which make up about 40 percent of gross domestic product and 80 percent of exports, have provided the islands with one of the highest per capita incomes in Latin America. But the current trends are worrying. Trinidad and Tobago's economy went through a similar, but more severe, contraction following the oil price collapse in the 1980s. From 1983 to 1989, economic activity fell by an average rate of 4.7 percent per year. Still, the country recovered with the oil markets, and annual growth averaged 3.9 percent in the 1990s.
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