Trinidad and Tobago Economic Outlook
June 14, 2022After likely tepid growth in 2021, the economy should be gaining speed this year. The progressive rollback of Covid-19 restrictions—most recently by scrapping the travel pass for visitors from June—should be aiding tourist arrivals and services activity more broadly. Moreover, higher prices for key exports such as oil, gas and fertilizer will be buoying government coffers. Less positively, available data shows that year-on-year production in volume terms of gas, methanol and ammonia has declined so far in 2022. Moreover, higher global price pressures in the wake of the war in Ukraine could be capping private spending. In May, the government published its mid-year budget review, where they proposed USD 3 billion in extra spending for this year, including USD 1.6 billion for VAT refunds and USD 0.8 billion for fuel subsidies. Greater government spending will boost demand ahead.
Trinidad & Tobago Economic GrowthEconomic growth should accelerate this year from last year’s expected weak reading, as higher energy prices allow for a less restrictive fiscal stance, and the impact of the pandemic subsides. High levels of violence and relatively high public debt pose risks to the outlook. FocusEconomics panelists see the economy expanding 5.9% in 2022, which is unchanged from the previous month’s estimate. In 2023, economic growth is seen at 2.3%.
Trinidad & Tobago Economy Data
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Trinidad & Tobago Facts
|Exchange Rate||6.76||0.39 %||Jan 01|
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