Banks in T&T are adjusting to new challenges this year, including lower oil prices, slower economic growth, tightening interest rates and political uncertainty in the run up to elections. But overall performance so far this year is largely positive, with the eight main banks remaining well capitalised and profitable.
Despite some near-term challenges, confidence is growing among Trinidad and Tobago’s industrial companies. According to the Business Confidence Report published by the Central Bank of Trinidad and Tobago (CBTT), the country’s “assembly and related industries” are upbeat about the next 6-12 months.
An ambitious highway project that will connect several towns in Trinidad and Tobago to major resource hubs is edging towards the halfway mark, with two sections already operational.
Within Trinidad and Tobago’s diverse tourism industry, the annual carnival is frequently cited as the jewel in the crown. Certainly, in cultural terms it is central to Trinbagonian identity. But whether the country is making the best of Carnival from an economic point of view is open to debate.
The telecoms market in Trinidad and Tobago is preparing itself for a shake-up following the news of a major acquisition in December at the same time as competition is set to intensify via the launch of a new mobile phone licence.
A major contract has been awarded in Trinidad & Tobago, which will act as a roadmap for the exploitation of gas reserves in deeper waters and boost output over the next 10 years. The award comes amid concern that existing reserves are dwindling and government revenue from its key export commodity is declining.
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