Drawing on its potential as a services outsourcing centre, Trinidad and Tobago’s ICT sector remains a key contributor to the islands’ economy. In 2018 the telecommunications and broadcasting sector contributed around 3.7% to GDP. Revenue was generated primarily through software development, web design, data processing and training. Looking ahead, regional headquartering, research and development,…
Following a period of subdued activity, a steady flow of projects in 2019 has seen Trinidad and Tobago’s construction industry return to healthier growth. Construction activity still remains confined to a small number of projects, which are largely driven by public sector spending. Nevertheless, major developments such as the TAB airport extension, road network upgrades and housing construction…
Industry and retail, once the focus of diversification efforts, represent important possible revenue generators in their own right. Trinidad and Tobago is one of the larger exporters in the Caribbean region, with total exports for the year to September 2019 amounting to $24.7bn. In an effort to generate foreign exchange, companies are being pushed to increase exports. Significantly, the government…
Hydrocarbons have long been the primary driver of Trinidad and Tobago’s economy. Indeed, T&T is the largest oil and gas producing country in the Caribbean, with the energy sector contributing around 45% to GDP, according to the Ministry of Energy and Energy Industries. The new oil and gas discoveries made in 2019, along with new investment pledges by major international operators in the country’s…
Given its strategic location at the southernmost point of the Caribbean, Trinidad and Tobago serves as a nexus between the island nations to the north and its neighbours on the South American mainland. It has been part of CARICOM since its inception in the 1970s and according to the IMF, the region’s economies are expected to grow by 2% in 2019 and 2020, supported by economic expansion in the US…
Trinidad and Tobago’s insurance industry has persevered through recent economic struggles and recession. With GDP forecast to expand in 2020 and 2021 and demand for health and life products rising, T&T’s insurance sector exhibits strong potential and its performance expected to improve further. The proliferation of digital offerings will ensure that a larger customer base receives better…
The decade closed with an uptick in activity in Trinidad and Tobago’s capital markets, largely due to increases in initial public offerings, a series of mergers and acquisitions, and a number of bonds issued in the latter half of 2018 and into 2019. Even so, activity in the financial markets remains muted, a pattern seen across many bourses in the Caribbean. The local market tends to be highly…
In the face of economic sluggishness in 2019, Trinidad and Tobago’s banking sector showed continued consolidation and resilience. As the sector plays an increasingly critical role in the country’s diversification progress, executives are focused on supporting small and medium-sized enterprises. In the near term, domestic banks are seeking to hone their competitive edge and enhance their capacity…
Trinidad and Tobago, the largest producer of oil and gas in the Caribbean, posted a GDP of $22.6bn in 2019, with growth remaining relatively flat. Though non-oil sectors have not fully shouldered the fall in oil prices, there has been modest growth in certain segments such as distribution and finance. One standout sector has been non-oil-related manufacturing exports, which amounted to $897.7m between…
The twin-island nation of Trinidad and Tobago is located in the southern end of the Caribbean, just off the coast of Venezuela. Its rich and varied heritage lends itself to a vibrant society and cuisine derived from an array of ethnicities and religions. Developmentally, the World Bank categorises T&T as a high-income country, and it has the fourth-highest GDP per capita in the Americas in terms…
