3% Growth In T&T Economy For Q1

• The economy of Trinidad and Tobago (T&T) grew by 1.55% in 2022 year-on-year and by 3% in the first quarter of this year, the Central Statistical Office (CSO) said in a statement on Sunday titled Annual and Quarterly Gross Domestic Product.
• The annual growth was mainly in the non-energy sector – followed by some growth in areas of the energy sector – but with contraction in the agriculture and petrochemical sectors.
• The main areas of growth in the non-energy sector were professional, scientific and technical services (47.6%); transport and storage (27.5%); accommodation and food services 19.0%; trade and repairs (6.1%); manufacturing 6.1%, and construction 4.3%. These increases were partially offset by a slowdown in economic activity in agriculture (11.5%), financial and insurance activities (3.1%), and other service activities (1.3%).
• The energy sector was a mixed bag. The energy sector recorded increased activity in asphalt 25.6%; refining (including LNG) (11.6%); petroleum support services (7.5%); natural gas exploration and extraction (5.8%) and petroleum and natural gas distribution (3.1%). However, declines recorded in condensate extraction (16.5%); manufacture of petrochemicals (6.8%), and crude oil exploration and extraction (0.1%) offset the increases recorded in the other energy industries resulting in overall negligible growth in the energy sector.
• Furthermore, the main industries contributing to the 3.0% first quarter growth were mining and quarrying 2.6%; manufacturing 1.6%; trade and repairs 10.9%; transport and storage 16.7%; and accommodation and food services 17.5%.
• That being said, real GDP growth of 2.2% in 2023 is forecasted for T&T, down from 2.7% in 2022. The deceleration will be underpinned by private consumption as the removal of energy subsidies and the rise in global commodity prices at the start of the year erode purchasing power.

(Source: Trinidad & Tobago Newsday)