Economic Bulletin January 2022

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 global economic recovery continued during the second half of 2021, albeit at a slower pace than anticipated, as countries re-imposed containment measures amidst rising COVID-19 infections and the emergence of the Omicron variant.

• •  Domestically, although reduced output in both the energy and non-energy sectors persisted, the rate of decline in economic activity slowed year-on-year in the third quarter of 2021.

• •  Headline inflation increased over the June to November2021 period due in part to supply-side factors such as the surge in international food prices, higher shipping costs, and other supply-side constraints.

• •  Despite an increase in overall expenditure, higher revenues during the first two months of FY2021/22 (October to November 2021) contributed to a smaller deficit in the Central Government accounts when compared to the same period one year earlier.

• •  The Repo rate remained unchanged at 3.50 per cent during 2021 in support of the domestic economic recovery.

• •  Excess reserves declined to a daily average of $6.6 billion in December 2021 compared with $12.7 billion in December 2020.
  
  •  Gross official reserves stood at US$6,879.6 million at the end of December 2021.