Increased investment in low-cost housing, improved access to home loans and streamlined procedures for building applications should feed into a stronger performance from Trinidad and Tobago’s construction sector in the near term. However, delays in payments for work completed, plus lengthy bureaucratic procedures, continue to pose challenges to expediting construction works.
As the outlook for the energy sector improves, there are signs that broader economic activity could pick up this year as well.
Increased state investment and new incentives for the private sector to encourage expansion in Trinidad and Tobago’s agro-processing industry, while also spurring growth in primary production.
Lower returns from the energy sector due to weaker prices and a drop in production weighed down Trinidad and Tobago’s economy in 2016, though stronger prospects for the industry in the new year should fuel a rebound in 2017.
Long neglected, tourism development has now become a priority for Trinidad and Tobago’s government as efforts to steer the economy away from a reliance on hydrocarbons gain pace.
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