Trinidad & Tobago growth projected to 1.5% in 2013 – Central Bank

The economy of Trinidad & Tobago is now projected to grow by 1.5 percent this year as against earlier predictions of 2.5 percent, the central bank of the twin-island nation has revealed.

It said that the local economy had grown by 1.3 percent during the first 9 months of the year, compared to 0.3 percent for the same period last year.

In January this year, the central bank had projected a 2.5 percent economic growth for 2013.

The bank’s Monetary Policy Report for April 2013 had maintained the 2.5 percent outlook based on projected growth in energy output by 1.8 percent.

“That projection was made almost to the end of 2012. At that time we did not have the benefit of the information of what would have taken place September this year, and it’s when we got the September information we factored it into our projections,” Central Bank governor Jwala Rambarran said at the Bank’s inaugural Monetary Policy Forum and release of the Monetary Policy Report for November.

The figures show that in the third quarter of this year, Trinidad & Tobago recorded its largest co-ordinated energy maintenance effort to date. -(CMC)