Trinidad and Tobago Economic Outlook
May 19, 2020Economic conditions have worsened notably as the fallout from the Covid-19 pandemic depresses both domestic and external demand. Containment measures have led to disruptions and closures throughout the island, while the global economy has ground to a halt. Moreover, the collapse of oil and gas prices has hammered the vital energy sector, which is also a major source of government revenues. On 27 April, in the wake of collapsing revenues, the finance minister announced that the government now expects a revenue loss of TTD 9.2 billion and that the fiscal deficit will soar to a TTD 15.5 billion shortfall this fiscal year, exacerbated by higher costs related to the health crisis (previously: TTD 5.3 billion deficit). On a brighter note, the government began relaxing some social distancing measures in May, allowing food vendors and hardware stores among others to open.
Trinidad & Tobago Economic GrowthThe economy is seen falling deeper into recession this year amid twin shocks from Covid-19 and depressed energy prices. The domestic economy is seen reeling from government containment measures and a weakening labor market, while collapsed foreign demand, low energy prices and halted tourism hit the external sector. FocusEconomics panelists see the economy contracting 4.2% in 2020, which is down 2.1 percentage points from last monthâ€™s forecast, before growing 1.9% in 2021.
Trinidad & Tobago Economy Data
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Trinidad & Tobago Facts
|Exchange Rate||6.76||0.39 %||Jan 01|
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