The Central Bank released its Annual Economic Survey 2024 on Friday which shows Trinidad and Tobago’s economy is growing, but not by much.
According to the Central Bank of Trinidad and Tobago, positive economic growth was sustained during the first nine months of 2024, but the expansion was relatively modest.
Data from the Central Statistical Office (CSO) showed that real GDP improved by 0.3 per cent in the first three quarters of 2024 compared to 2023.
The energy sector shrank by 1.5 per cent over the nine-month period,mainly caused by reduced output of crude oil, natural gas, liquefied natural gas and petrochemicals.
The non-energy sector grew by 1.0 per cent with positive performance in areas like Transport and Storage, Manufacturing (excluding Refining and Petrochemicals), Financial and Insurance Activities, and Wholesale and Retail Trade.
However lower energy prices and reduced production from the domestic energy sector saw a much higher fiscal deficit than budgeted for the fiscal year ended September 2024.
According to the Ministry of Finance, the Central Government fiscal accounts recorded a deficit of $9.1 billion in FY2023/24, compared to an initially budgeted deficit of $5.2 billion.
To make up the shortfall the Government borrowed money locally and overseas and also withdrew from the Heritage and Stabilisation Fund (HSF).
As such the General Government debt grew to $140.6 billion at the end of September 2024, $4.1 billion more than in September 2023.
The Central Bank Annual Economic Survey 2024 can be found on their website at https://www.central-bank.org.tt/