
Trinidad and Tobago Economic Outlook
April 12, 2022
Newly released data show that economic growth accelerated to 8.2% in Q3 from 2.3% in Q2, driven by a surge in crude oil exploration and extraction, as well as by the manufacturing of petrochemicals and the distribution of petroleum and natural gas. Similarly, activity in the construction sector boomed. Covid-19-related restrictions were eased towards year-end, which should have buoyed activity in Q4 2021. That said, notably higher inflation in the period likely capped household spending. Turning to 2022, inflation gained further steam in January. On the other hand, higher energy prices bode well for the external sector as mineral fuels account for over half of the country’s goods exports. Fertilizer prices have also risen due to the war in Ukraine, driving up prices for agricultural products—which accounted for around 9% of exports in 2021—boding well for government finances.Trinidad & Tobago Economic Growth
Economic growth should accelerate this year from last year’s meager growth reading. A rollback of restrictions on daily life and supportive fiscal policy should buoy domestic demand, while greater commodity prices bode well for the government’s coffers. New gas projects coming online this year should further fuel economic growth. FocusEconomics panelists see the economy expanding 4.6% in 2022, which is unchanged from the previous month’s estimate. In 2023, economic growth is seen at 2.2%.Trinidad & Tobago Economy Data
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Trinidad & Tobago Facts
Value | Change | Date | |
---|---|---|---|
Exchange Rate | 6.76 | 0.39 % | Jan 01 |
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