Trinidad & Tobago Articles & Analysis

Optimism is returning to Trinidad and Tobago after years of recession. With the IMF forecasting GDP expansion of 1% in 2018 and 0.9% in 2019, the government now has the opportunity to shift their focus from tackling short-term economic problems to implementing long-term reforms and policy initiatives.

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After three successive years of recession, Trinidad and Tobago’s growth is estimated to have remained flat during 2019, according to IMF data. However, a more significant expansion of 1.5% is expected for 2020 as both gas production and non-oil exports are set to increase.

In the face of more stringent environmental rules on shipping fuel, Trinidad and Tobago is moving to position itself as a regional centre for liquefied natural gas (LNG) bunkering.

Trinidad and Tobago has continued along the path of fiscal consolidation with the release of the country’s budget for 2020, delivered against a backdrop of subdued energy prices and calls for increased diversification.

As the political, economic and migration crisis rolls on in Venezuela, and a significant number of migrants continue to make their way to Trinidad and Tobago, the government and business figures are evaluating their potential impact.

An increase in gas production and new economic data has prompted major international institutions to update their economic projections for Trinidad and Tobago, with the country’s outlook for 2019 more positive than previously expected.

After two years of contraction, the Trinidad & Tobago economy is expected to have returned to growth in 2018, fuelled by increased energy sector returns and a recovery in strategic non-hydrocarbons sectors, including manufacturing and insurance.