Central Statistical Office: Trinidad and Tobago's economy grows by $5.5 billion

THE country's economy grew by $5.5 billion between two successive quarters last year, from $38 billion to $44 billion, said the Central Statistical Office (CSO) in a statement on Sunday.

The growth was seen in a rise in GDP, the value of all goods and services produced within TT, from the second quarter, Q2, (January-March 2021) to the third quarter, Q3, (April-June 2021.)

"The quarterly constant (2012) price GDP increased by 8.9 per cent in 3rd quarter 2021 over the 2nd quarter 2021." This "constant" figure calculates GDP with reference to a base year, 2012.

"The quarterly current price GDP increased significantly by $5,577 million or 14.3 per cent from $ 38,987 million in 2nd quarter 2021 to TT$ 44,565 million 3rd quarter 2021."

The "current" figure states GDP using actual prices now seen in the economy, without making any adjustment for inflation.

The constant price GDP in Q3 was comprised mainly of the energy sector (29.9 per cent), manufacturing sector (18.2 per cent), construction sector (8.3 per cent) and trade and repairs sector (21.3 per cent.)

"The following industries in the energy sector contributed to the 1.1 per cent decrease in GDP between Q2 and Q3: Condensate extraction 26.9 per cent, refining, including LNG 11.8 per cent, natural gas exploration and extraction 5.7 per cent."

However, offsetting this decrease in the energy sector GDP were increases in: petroleum support services (14.2 per cent), crude oil exploration and extraction (8.1 per cent), petroleum and natural gas distribution (6.0 per cent) and the manufacture of petrochemicals (0.9 per cent, compared with a 2.7 per cent increase in Q2.)

The manufacturing sector fell marginally by 0.1 per cent in Q3 compared with a 1.0 per cent rise in Q2.

"An analysis of the industries that comprise the manufacturing sector notes that in Q3, all industries recorded declines with the exception of food, drink and tobacco products which grew by 7.1 per cent over the previous quarter. This compares with a 13.1 per cent increase in Q2."

The construction sector rose significantly by 89.8 per cent in Q3, compared with a 15.2 per cent drop in Q2.

"The 89.8 per cent increase recorded Q3 is attributable to the installation of the Cassia Platform (C) in July 2021."

The trade and repairs sector increased by 24.9 per cent in Q3, compared with a 1.0 per cent fall in Q2.

The Q3 rise included sub-industries namely, wholesale trade (42.6 per cent), retail trade 13.9 per cent, vehicle sales (38.1 per cent), petroleum distribution (11.4 per cent) and natural gas distribution (4.9 per cent.) Vehicle repairs fell marginally by 0.4 per cent in Q3.