Industry

Although an important part of T&T’s economy, the manufacturing sector’s performance has been disappointing in recent years. According to the T&T Manufacturers’ Association, the value of manufacturing output declined at an average annual rate of 4.3% from 2010 to 2014. In its “Review of the Economy 2014”, the government noted that economic activity in manufacturing fell by 5.8% in 2012, 1.8% in 2013 and was expected to register a further contraction of 0.7% in 2014. Even so, T&T has the largest manufacturing sector in the Caribbean, with an estimated output value of around $1.2bn in 2014. The second-largest non-oil sector within the economy, manufacturing represented about 8.5% of GDP in 2014, and directly employed more than 60,000 people. Following the fall in global hydrocarbons prices, 2015 is expected to be a challenging year for the industry, marked by fiscal austerity and a potential reduction in household consumption. This chapter contains an interview with Racquel Moses, President, InvesTT.