Economic growth in Trinidad and Tobago continues to rebound from the negative and negligibly positive rates of 2009 to 2011. Growth for 2013 is estimated at 1.6 per cent, up from the 1.2 per cent measured in 2012. Growth in 2014 is projected to be 2 per cent. The growth in 2013 was driven mainly by expansion in the non-energy sector by 2.4 per cent as a result of growth in services. The energy sector also grew by 0.5 per cent, despite a shutdown of two major oil and gas providers and the dependent downstream companies in the third quarter.
Prices remained fairly steady in 2013, with Trinidad and Tobago recording a year-end inflation rate of 5.6 per cent. Prices were even steadier in early 2014, as inflation rates fell to 3.3 per cent in April.
The central government fiscal deficit was 2.4 per cent of GDP in 2013 and the primary deficit was 1 per cent of GDP. The fiscal deficit widened by one percentage point from 2012 ; increased expenditure due to higher wage and salary payments and expanded capital expenditure was partly offset by increased corporation tax and VAT collection. Above-expected oil prices and production, in addition to significant non-tax revenues, suggest a fiscal surplus in the first half of fiscal year 2013-2014.
A current account surplus of 14.6 per cent of GDP was recorded over the period January to September 2013. (Economic Survey of the Caribbean 2014)