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Annual Economic Survey 2020


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The Central Bank's Annual Economic Survey (AES) is published each year and reviews the economic developments which occurred during the previous year in various sectors of the Trinidad and Tobago economy. For Annual Economic Survey reports prior to 2000, please contact the Bank via the phone numbers and email address in the Contacts Section.



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Highlights:

  • The coronavirus (COVID-19) pandemic negatively impacted the macroeconomic landscape of Trinidad and Tobago in 2020. 
     
  • Preliminary Central bank estimates suggest a significant contraction in domestic economic activity in 2020.
     
  • Crude oil and natural gas prices decreased in 2020, as a result of geopolitical tensions and lower demand due to the pandemic.
     
  • Available indicators suggest that, given the various national stay-at-home public health measures implemented during the year to curb the spread of the virus, the labour market faced several challenges over the period.
     
  • Headline inflation declined in 2020, reflective of the slow-down in economic activity.
     
  • The Central Government realised a larger fiscal deficit during the fiscal year (FY) 2019/20 when compared to the previous period. While expenditure remained relatively flat, Central Government revenues were significantly lower.
     
  • In March 2020, the Central Bank lowered the Repo rate and the primary reserve requirement of commercial banks, to increase liquidity in the financial system and reduce the cost of borrowing.
     
  • Global growth contracted in 2020 due to weak global demand as a result of strict containment measures due to the COVID-19 pandemic, coupled with capital ow reversals and depressed commodity prices.

Global growth in 2021 hinges on the continued efficacy of economic and financial stability policies, the success of efforts to ensure existing and future variants of the COVID-19 virus remain contained, together with access to and distribution of vaccines. The global pandemic will continue to affect all facets of the Trinidad and Tobago economy.

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Visual Summary:

Economic Developments - AES 2020

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