Economy

Trinidad and Tobago, the largest producer of oil and gas in the Caribbean, posted a GDP of $22.6bn in 2019, with growth remaining relatively flat. Though non-oil sectors have not fully shouldered the fall in oil prices, there has been modest growth in certain segments such as distribution and finance. One standout sector has been non-oil-related manufacturing exports, which amounted to $897.7m between January and June 2019, representing a 22% year-on-year rise. While there is a need to diversify the economy away from its dependence on hydrocarbons, a number of new oil and gas discoveries in late 2019 appear set to support a short-term recovery in the energy sector and help finance overall economic expansion. This chapter contains interviews with Philip Knaggs, Chairman, InvesTT; and Aldwyn Wayne, CEO, WiPay.