Trinidad and Tobago Economic Outlook
October 11, 2021Available data points to downbeat economic activity in Q2. Tougher Covid-19 restrictions in May–June had an immediate impact on the domestic market, as shown by slumping vehicle sales during the period. Looking at production indicators, oil output remained strong in April–May, but LNG output contracted at a sharper pace in Q2 overall. Turning to Q3, in mid-July the government eased restrictions, rekindling the domestic market as motor vehicle sales recovered in July–August. Meanwhile, LNG output remained relatively low in July, reportedly at roughly half the previous year’s level. In other news, on 4 October the government tabled its draft 2022 budget totaling USD 7.7 billion, above 2021’s USD 6.6 billion. Education is the biggest spending area, with healthcare and national security closely following. The plan sees a fiscal deficit of 5.8% in 2022, well above our 5.0% forecast.
Trinidad & Tobago Economic GrowthEconomic growth should keep pace in 2022, after this year’s rebound. The domestic market should benefit from eased restrictions and strong fiscal support, while vaccination progress will offset Covid-19-related risks. Meanwhile, the discovery of new gas fields bodes well for the energy sector. The potential to untap further reserves of oil and gas poses an upside risk. FocusEconomics panelists see the economy expanding 3.1% in 2021. In 2022, economic growth is seen at 3.3%, which is up 0.1 percentage points from the previous month’s estimate.
Trinidad & Tobago Economy Data
5 years of Trinidad & Tobago economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
Trinidad & Tobago Facts
|Exchange Rate||6.76||0.39 %||Jan 01|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.