Central Bank of Trinidad & Tobago Sees Recovery By Year End

• In its July Economic Bulletin, the Central Bank of Trinidad and Tobago (CBTT) said: 'The short-term economic outlook for Trinidad and Tobago will be directly impacted by the virus' path and the domestic response’.
• 'If sustained, the gradual relaxation of restrictions on movement and business activity from August could see, by the end of 2021, a meaningful recovery of non-energy output lost during the first 2½ quarters of the year'.
• The price of the two commodities that drive T&T’s energy sector recovered for the first seven months of 2021, bolstered by favourable demand conditions on account of the re-opening of several economies alongside crude oil production cuts. West Texas Intermediate (WTI) crude oil price increased by 69.5%year-on-year over the first seven months of 2021 to an average of US$63.46 per barrel, while natural gas prices rose by 81.5% to an average of US$3.26 per million British Thermal Units (mmbtu).
• 'While some improvement is anticipated in export earnings as the country benefits from the ascent in international energy prices, continued efforts to shore up domestic energy output will be critical'.

(Source: Central Bank of Trinidad & Tobago)