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Trinidad & Tobago

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The twin island state of Trinidad and Tobago, located in the southern end of the Caribbean, is a small but high-income country. With a population of 1.3 million people and rich in natural resources, it is one of the wealthiest countries in the Caribbean.

GROSS NATIONAL INCOME

GDP GROWTH %

Total Gross Debt

GDP CURRENT PRICES

Trinidad and Tobago faced unprecedented challenges in 2020-21. The combined effects of Covid-19, energy production cuts and price shocks, pushed the economy further into recession. Consequently, real GDP contracted by 7.4% in 2020. 

 

Additionally, labour market conditions weakened considerably, causing an upsurge in retrenchments, temporary layoffs, and a reduction in working hours and labour force participation. This resulted in an unemployment rate of 4.7% in 2020; a minor increase from 4.3% in 2019.

DEBT TO INCOME RATIO

TOTAL DEBT AS A % OF GDP

Total public sector debt rose to TT $134,640.0 million in fiscal 2020, from TT $121,021.0 million in 2019 and total government debt service was expected to increase by 58.8%. This substantial increase in the debt stock and repayment was largely due to the government’s efforts to reduce the impact of the COVID-19 pandemic on the under-privileged in the society.  Their initiatives included salary relief to workers who were laid-off or faced reduced working hours, VAT and income tax refunds to individuals and SMEs in addition to import duty waivers on imports of certain medical and emergency supplies.

FOREIGN DEBT

CENTRAL GOVENMENT DEBT AS A
PERCENTAGE OF GDP

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COUNTRY OVERVIEW