Trinidad and Tobago has one of the most developed and diverse manufacturing sectors in the English-speaking Caribbean. Its development was enabled by the import substitution industrialisation strategy followed in the late 1970s and early 1980s. This model gave local manufacturers the ability to secure market share and capacity without the risk...
The oil and gas industry has long been the driver of Trinidad and Tobago’s economy. In 2017 the petroleum sector accounted for 33.7% of GDP, according to the “Review of the Economy 2017” report by the Ministry of Finance. T&T plays an important role as a gas supplier for the Latin American and the Caribbean market, given that Peru is the...
The global economy is entering the Fourth Industrial Revolution (4IR), or Industry 4.0, based on the application of new digital and automated technologies in production processes and service delivery. These changes are presenting emerging markets with opportunities such as improved productivity, as well as risks, namely reshoring and the...
The economic downturn of recent years has served to strengthen calls for diversification beyond the energy sector in Trinidad and Tobago, with manufacturing often singled out as a potential driver of the economy. In his 2018 mid-year budget review, Colm Imbert, the minister of finance, indicated that the economy was on the mend, with the...
The economic downturn of recent years has resulted in a change in consumer behaviour, with weakened consumption and spending also negatively affecting economic growth and recovery. However, a rebound is expected to gather pace through 2018 and into 2019. Early signs were highlighted in the “Monetary Policy Report” published by the Central Bank...
While state-owned oil company Petrotrin announced in the first half of 2018 that it would finalise plans to restructure its operations in order to increase efficiency, moderate losses and ramp up oil and gas production, as of early September 2018 the process had yet to take shape. Petrotrin has faced strong opposition from the Oilfield Workers...
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