Trinidad and Tobago Economic Outlook
July 14, 2020The economy is seen languishing in a deep recession this year, amid low energy prices and disruptions created by the Covid-19 pandemic. Data for the first quarter revealed falling production of both crude oil and natural gas, while new motor vehicle sales plunged over 20% suggesting depressed household spending. Moreover, recently released data revealed that the economy flatlined in 2019. Contracting activity in the energy sector in the first half of the year weighed on the economy’s performance. In the political arena, on 3 July, Prime Minister Keith Rowley announced that the country will go to the polls for a general election on 10 August. Meanwhile, the World Bank approved USD 20 million in financing to help strength Trinidad and Tobago’s healthcare sector and the fight against Covid-19.
Trinidad & Tobago Economic GrowthThe Covid-19 pandemic is seen pummeling GDP as lockdowns weigh on all non-essential activity. Moreover, low energy prices will weigh on an already bruised energy sector and dent government revenues. Risks to the outlook arise chiefly from volatile energy prices, especially given the economy’s overreliance on the sector. FocusEconomics panelists see the economy contracting 5.2% in 2020, which is down 0.6 percentage points from last month’s forecast, before growing 2.8% in 2021.
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||6.76||0.39 %||Jan 01|
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