Trinidad and Tobago’s Annual Economic Survey 2016

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The Central bank of Trinidad and Tobago has published the Annual Economic Survey 2016. The following are some main points:

  1. The economy contracted further in 2016 by 2.3%. Oil and natural gas production fell by 9.1% and 13.2% respectively. All sectors except finance and agriculture experienced declines.
  2. The unemployment rate rose to 4.1% from 3.4%. The labour participation rate fell from 60.7% to 60% as those unable to find work exit the job market.
  3. The fiscal deficit stood at 5% of GDP ($7.3bn), government spending declined by 12.9% and Central Bank sales of foreign exchange to authorized dealers decreased by 31.4% (reserves stand at a10-month import cover).
  4. A marginal improvement is projected for 2017 as the energy sector is expected to be boosted by three natural gas projects: the Trinidad Onshore Compression project, the Sercan Field project and bpTT’s Juniper project.

The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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