Trinidad and Tobago Economic Outlook
October 11, 2016Trinidad and Tobago’s economy fell deeper into recession in Q1 2016, dropping 5.2% on an annual basis from the 1.3% contraction recorded in the last quarter of 2015. The fall was mainly due to sharper declines in the energy and construction sectors. The poor economic situation had an impact on unemployment which, although remaining at low levels, increased in Q1. Moreover, the contraction in both oil and gas production, coupled with low energy prices, have negatively affected public revenues, causing the budget deficit to rise. On 30 September the government presented the budget for 2017. The total amount of public spending was reduced compared to last year’s budget and a battery of new taxes was introduced to address the shortfall, including property taxes, higher personal taxes for high-income earners and higher prices for diesel.
Trinidad & Tobago Economy Data
5 years of Trinidad & Tobago economic forecasts for more than 30 economic indicators.
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Trinidad & Tobago Facts
|Exchange Rate||6.69||-0.04 %||Oct 26|
Trinidad & Tobago Economic Growth
October 11, 2016The economy will to contract for a third consecutive year, dragged down by subdued domestic demand and external headwinds. Analysts expect it to contract 2.0% this year and to grow 1.8% in 2017.