Tobago’s economy has recovered from the effects of the COVID-19 pandemic.
This is according to Chief Secretary Farley Augustine, who spoke to the media following the THA’s 2026 budget presentation.
“Last year we recognised a 1% growth in the economy. This year we have 3% growth, so it means that our local economy, the Tobago economy, is in fact recovering and has recovered from COVID-19. Secondly, she spoke to the fact that our unemployment is at 1%, which is in fact lower than the national average, and yes, we do feel that there are pockets of individuals requiring employment, but this is an achievement to be lower than the national average when it comes to the employment rate.”
The Chief Secretary also said there has been improvement in the employment opportunities available to Tobagonians.
He noted that when he came into office, the records showed the THA employed 70% of the working population, but this has since decreased.
“The state sector employs 54% now, which is a lower percentage point than what we inherited. Unemployment is at 1%. It stands to reason, therefore, that there is growth in the private sector that is accounting for the employment, and that is, in fact, what we want for a robust economy because we cannot sustain an economy where the state sector continues to carry a significant burden in terms of employment and salaries.”
Mr. Augustine said this reduction in state employment will allow for some savings on recurrent expenditure, which can be transferred to development expenditure.