Trinidad & Tobago

For the past four decades the energy sector has been the backbone of Trinidad and Tobago’s economy. On average, the industry’s contribution to national GDP has been around 40%, although this has ranged from a high of 50.8% in 2008 to a low of 32.1% in 2015. In the fourth quarter of 2015 GDP was down 3% year-on-year, reflecting a 5% contraction in the energy sector. In addition to lower prices...

While Trinidad and Tobago’s insurance industry was affected by a slower economy in 2015, most of the largest insurers remain prof¬itable. Key metrics suggest the industry is resilient, although companies will have to adapt their business models to keep abreast of market developments. At the end of 2015 there were seven active life insurance companies, 17 active general insurance companies and...

Trinidad and Tobago’s capital markets have developed against a background of strong energy sector growth. Therefore, the current lower price environment for oil and gas is expected to translate into slower and more modest stock market growth in the near term. A total of 38 stocks were traded in 2015 – 20 recorded advances, 13 experienced declines and five held steady – with share prices...

Despite economic growth slowing in 2015 and 2016, Trinidad and Tobago’s banks remain profitable and may even see benefits from the end of a long period of very low interest rates. According to the Central Bank of T&T (CBTT), for the past five years growth in the financial sector (including finance, insurance and real estate) has outpaced economic expansion. In 2015 the nation’s GDP...

The smaller island of Tobago has a history of colonial rule by a succession of different European powers, including Spain, France and Britain, and in 1889 the British government first grouped the island with Trinidad under a single colonial administration. Trinidad & Tobago sought and achieved independence from British colonial rule in 1962 and became a repub¬lic in 1976. A significant...

At first glance, the newly elected government of Trinidad and Tobago faces a formidable first year, marked by one of the deepest slumps in energy prices seen in recent decades. According to provisional data by the Central Bank of T&T, the twin-island economy contracted by 2.1% in 2015, with GDP down 3% year-on-year in the fourth quarter of the year, reflecting a 5% contraction in the...