Business
Trinidad & Tobago in recession – Central Bank
Monday, May 28, 2012
The Central Bank of Trinidad and Tobago has revised its projections and is now reporting that the country had entered a technical recession at the end of 2011.
In this bulletin, the Central Bank reported that economy growth for the twin-island republic had declined by 2.6 percent in the fourth quarter of 2011, (October 1 to December 31, 2011) following a decline by the same amount in the third quarter (July 1 to September 30, 2011). This conforms to the classic definition for a recession as countries that experience two or more consecutive quarters of a declining gross domestic production (GDP) are generally defined as being in recession.