News

Trinidad Government Says Unemployment Rate at 5 Percent

By: Caribbean Journal Staff - March 22, 2013

Above: Port of Spain

By the Caribbean Journal staff

Trinidad and Tobago’s unemployment rate currently stands at 5 percent, according to Minister of Trade and Industry Vasant Bharath.

The Minister made the revelation during an address to members of the Indian High Commissioner to Trinidad and Tobago, in collaboration with InvesTT and the Trinidad Chamber of Industry and Commerce.

Trinidad’s economy grew at 1 percent in 2012, according to data from the United Nations Economic Commission for Latin America and the Caribbean, and is projected to grow at a clip of 2.5 percent in 2013.

Bharath said the govenrment had been working on efforts to make the country’s environment more business friendly, including reducing the length of time to start a business to three days and eliminating “unnecessary delays at the port.”

“Trinidad and Tobago has experienced positive growth during the period 2012-2013. Inflation has been reduced, unemployment rate currently stands at 5 percent and the Heritage and Stabilization Fund has increased from US $3.62 billion to US$ 4.7 billion,” he said.

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