Trinidad Energy Sector Contracted in First Quarter: Central Bank Report

By: Caribbean Journal Staff - July 2, 2012

Above: Port of Spain

By the Caribbean Journal staff

Trinidad and Tobago’s energy sector contracted in the first quarter of 2012, according to a Mid-Year Financial Stability Report released by the country’s Central Bank.

The report pointed to lower output from British Petroleum Trinidad and Tobago, in part due to ongoing maintenance operations.

“Preliminary data indicates that domestic economic activity remained sluggish in the first quarter of 2012,” the report said. “Preliminary data from the Ministry of Energy suggests that despite a substantial uptick in exploration activity, the energy sector may have contracted slightly in the first quarter of 2012.”

Th economic environment in Trinidad continued to be “fairly sluggish,” according to the report, which estimated a 2.6 percent decline in GDP in the third and fourth quarters of 2011, and a 1.4 percent drop for 2011 as a whole.

Much of the decline came from lower output in the energy sector, the report said.

Crude oil production fell by 13.8 percent compared to the first quarter of 2011, according to the report, while natural gas output stayed relatively flat.

“As a result, activity in the refining sub-sector is estimated to have slowed,” the report said.

Non-energy sector activity, particularly in the construction and manufacturing sectors, was negatively impacted by industrial action at Trinidad Cement Limited, according to the report.

Headline inflation also reached double digits in the first quarter of 2012, according to the data.

Popular Posts pupusas belize

In San Ignacio, Belize, The Art of Adventure (And Pupusas)

The sizzle is calling you. In the early morning, corn tortillas stuffed with cheese and beans and meat sing a particularly strong siren song.  It could be that perfect blend of dough and heat, or the aroma. It might just […]

Delta Is Adding More Nonstop Curacao Flights, Citing “Booming Demand”  

the beach at the avila hotel in curacao

Curacao is hotter than ever, with a wave of new hotels and record-breaking tourism numbers. And just a few months after Delta made its long-awaited return to the island, the carrier is adding even more flights.  The reason? What Delta […]

Marriott Is Opening a New Resort in Turks and Caicos 

turks and caicos marriott flyover

South Caicos is a pristine, beach-filled, untouched eight-square-mile gem in the heart of Turks and Caicos’ “sister islands.” While the island is already home to the popular Sailrock Resort, little South Caicos is about to get a boost from the […]

Related Posts caribbean trinidad

Caribbean Airlines Is Adding Flights for Trinidad Carnival

The Caribbean’s most popular Carnival is back next month, and Caribbean Airlines has announced an expansion of flight services for the festival.  That includes additional flights between Toronto, Canada and Port of Spain, with two flights on Feb. 13 and […]

Daily Caribbean Airlines Flights Return to Grenada 

barbados grenada flights

Caribbean Airlines has resumed operating daily flights to Grenada, Caribbean Journal has learned.  The service between Trinidad’s Piarco International Airport and Grenada began operating daily on Nov. 26.  “The return of a daily flight service between Grenada and Trinidad is […]

St. Thomas’ New Marriott Resort Is Powered by Clean Energy

st thomas marriott westin resort

By Alexander Britell It’s the biggest new resort project in the US Virgin Islands, and the new Frenchman’s Reef dual-property destination resort is unique in another way: it’s powered by clean energy. The Marriott resort, which is opening soon and […]


Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.

No. Thank You