Optimism is returning after years of recession, despite the fourth quarter of 2017 seeing real economic activity contract by 1.2% year-on-year and the IMF putting growth for the whole year at -2.6%. The organisation forecasts expansion of 1% in 2018 and 0.9% in 2019, with the government now having the opportunity to shift their focus from tackling short-term economic problems to implementing long-
Trinidad and Tobago has received a boost in its efforts to expand tourism, with the number of cruise ships visiting the country expected to increase by 50% in the near term. Launching the 2017-18 winter season in mid-October, Shamfa Cudjoe, the minister of tourism, said 71 cruise liners were expected to call into T&T ports over the period, an increase on the 47 visits initially planned. Tobago,…
Traditionally a sector of secondary importance in Trinidad and Tobago (T&T), tourism is emerging as a development priority following a sharp decline in oil and gas revenues, historically the backbone of the economy. Since taking office in September 2015, prime minister Keith Rowley has designated tourism a key pillar of the national diversification strategy aimed at reducing T&T’s…
In 2016 news of a proposed Sandals International Resort for Tobago made headlines in the Caribbean, becoming the main talking point of Trinidad and Tobago’s tourism sector that year. The potential arrival of the international hotel chain, which already owns 24 vacation properties in seven Caribbean islands, promises to be a game changer for Tobago’s hotel industry. The landmark project…
With volatility in international arrivals continuing in 2016, the domestic market is increasingly viewed as a critical component of Trinidad and Tobago’s tourism industry. In recent years the domestic market has played an important stabilising role for the country’s tourism industry, particularly in Tobago, where a constant flow of tourists from Trinidad has helped to offset the effects…
Amid fluctuating international arrivals, cruise ship tourism has stepped up and may be set to start fulfilling its significant potential in T&T after four consecutive years of steady growth. The country welcomed 100,791 cruise passengers in the 2015/16 season, up 115% on the previous season and surpassing 100,000 for the first time since 2009/10. Tobago remained the more popular of the…
Interview: Adam Stewart What are the country’s competitive advantages in tourism over its Caribbean neighbours? ADAM STEWART: As an oil-based economy, the islands’ rainforests and landscape remain virtually undiscovered and unexplored, which we find very attractive. Very much like Turks and Caicos, Tobago is one of the last true exotic locations in the Caribbean. One of its best-kept secrets…
The oil and gas industry has historically been Trinidad and Tobago’s primary economic engine, but it has faced challenges in the low-price environment of 2014-16. Strategic decisions are now required across the entire value chain, from incentivising upstream production to improving refinery profitability in the mid-stream and boosting capacity utilisation downstream. After facing pressing short-
As efforts to restore macroeconomic stability and diversify Trinidad and Tobago’s economy gather pace, the political emphasis on tourism is likely to continue, along with increasing private sector pressure to boost marketing. Tourism contributed 2.9% of GDP in 2016, generating $806.4m. The mixed performance of recent years could continue in the near term. However, the sector is expected to undergo…
Long neglected, tourism development has now become a priority for Trinidad and Tobago’s government as efforts to steer the economy away from a reliance on hydrocarbons gain pace. T&T’s plans to strengthen the tourism sector’s long-term viability by investing in infrastructure and related facilities were outlined by Colm Imbert, the minister of finance, in September, when tabling the country’s…
