T&T Reports Steady Economic Performance; Repo Rate Unchanged

• The Trinidad and Tobago economy grew by three per cent in the first quarter of this year, fuelled by the 'strong expansion' in the non-energy sector along with 'marginal growth' in the energy sector, the Central Bank reported.
• 'Data from the Central Statistical Office (CSO) indicate that real GDP grew by 3.0% (year-on-year) in the first quarter of 2023 reflecting strong expansion in the non-energy sector (4.2%) accompanied by marginal growth in the energy sector (0.3%),' the Central Banks stated in its Monetary Policy Announcement last Friday.
• In the second quarter of 2023, indicators monitored by the Central Bank point to a steady rise in activity in major non-energy sectors including transportation and storage, wholesale and retail trade (excluding energy), electricity and water (excluding gas) and construction.
• The unemployment rate also increased slightly to 4.9% in the first quarter of 2023 from 4.7% in the fourth quarter of 2022, it stated. Headline inflation eased further in August to 4.1% (year-on-year), down from 4.7% recorded in July, the Central Bank stated.
• It was also reported that the buoyancy in private sector credit, alongside the sustained deceleration in inflation, was helping to foster a steady revival of economic activity without demand pressures at this time.
• Considering all factors, the MPC agreed to hold the repo rate at its current level of 3.50%. The Central Bank will continue to carefully monitor and analyse international and domestic developments and will take further actions as necessary.

(Source: Trinidad Express Newspaper)