Economic Bulletin July2020

The Economic Bulletin (EB), which is published twice per year, reviews the economic condition of Trinidad and Tobago. The EB analyses changes in economic growth, monetary aggregates, fiscal operations of the Government and the external accounts of the Trinidad and Tobago economy.

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• • The emergence of the novel coronavirus (COVID-19 pandemic has triggered a global economic recession in 2020.
   
• • Domestically, economic activity declined in the first quarter of 2020 due to a widespread contraction in the energy sector and a slowdown in non-energy activity.
   
• • Headline inflation remained low and stable into the first three months of 2020, reflective of constrained consumer demand.
   
• • Lower energy revenues in the first nine months of fiscal 2019/20 contributed to a larger deficit in the Central Government accounts compared to the corresponding period one year earlier.
   
• • The Central Bank maintained the Repo Rate at 3.5 per cent in June 2020 following a 150 basis point reduction in March 2020, which was coupled with a 3.0 per cent reduction in the reserve requirement for commercial banks.
   
• • COVID-19 mitigation measures disrupted Trinidad and Tobago's labour market during the first half of 2020.
   
• • In the first eight months of 2020 there was a fall in foreign exchange sales to the public by authorised dealers.
   
• • Gross official reserves rose in the first eight month of 2020.