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Caribbean The islands of the Caribbean basin, with a total population of approximately 37 million in 2002, are predominantly net energy importers, with the exception of hydrocarbon rich Trinidad and Tobago. Agriculture and natural resource extraction activities continue to constitute the basis of the islands' economies, though tourism and service sectors are growing. In the larger economies, manufacturing is also important, such as oil and natural gas production in Trinidad; pharmaceuticals and cement in Puerto Rico; and textiles in the Dominican Republic and Jamaica. Economic growth, however, varies across the region. While many of the islands' economies contracted in 2002, Trinidad and Tobago and the Dominican Republic's economies continued to grow, with real gross domestic product (GDP) growth rates of 2.6% and 4.1%, respectively.

Over the past decade, the Caribbean states have made efforts to integrate their economies. The major regional organization is the Caribbean Community and Common Market (CARICOM), whose members include the South American states of Guyana and Suriname and the Central American State of Belize, and the Caribbean islands of Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grenada, Haiti, Jamaica, Montserrat, St.Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago. All other islands, with the exception of Cuba, have either associate or observer status. The Caribbean Community has three objectives: (a) economic cooperation through the Caribbean Single Market Economy; (b) coordination of foreign policy among the independent Member States; and (c) common services and cooperation in functional matters such as health, education and culture, communications, and industrial relations. CARICOM countries have steadily reduced tariffs among members. Besides CARICOM, the other main organizations of the region include the Association of Caribbean States, the Eastern Caribbean Currency Union and the associated Eastern Caribbean Central Bank.

Oil is the dominant fuel, accounting for about 92% of total 2001 energy consumption. The Caribbean relies on imported oil for most of its energy needs. Barbados, the Dominican Republic, Haiti, and Jamaica are party to the San Jose Pact, under which Mexico and Venezuela supply crude oil and refined products under favorable terms. Natural gas and hydropower are used in countries that have these domestic resources. Natural gas is used most extensively in Trinidad and Tobago, where natural gas-intensive industries, such as steel, fertilizer, and petrochemicals are important to the country's economy. Puerto Rico and the Dominican Republic import liquefied natural gas (LNG) from Trinidad and Tobago for power generation.

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