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Old May 9th, 2013, 05:04 AM   #21
Nigel20
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Central Bank: Trinidad Economy Grew Just 0.2 Percent in 2012

May 8, 2013 | 7:27 pm |

By the Caribbean Journal staff

Trinidad and Tobago saw GDP growth of just 0.2 percent in 2012, lower than its expected rate of 1 percent, according to Central Bank Governor Jwala Rambarran.

The shortfall was due in part to a weaker than expected fiscal stimulus, the prolonged Trinidad Cement Limited industrial action and the impact of the energy sector maintenance and security shutdown, he said this week.

He said the Central Bank was projecting growth of 2.5 percent for 2013. The International Monetary Fund has projected a lower rate of 2 percent, according to its most recent World Economic Outlook.

“With economic activity expected to pick up gradually over the course of the year, the Central Bank has kept its 2013 growth projection at 2.5 percent,” Rambarran said. “While recent incoming data suggest a rebound in natural gas production, the country’s two largest natural gas producers (BPTT and BGTT) are expected to continue major maintenance operations with a significant shutdown planned in September 2013 which could dramatically affect output.”
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Old May 13th, 2013, 04:53 PM   #22
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TRINIDAD & TOBAGO | General & Economic News

This type of thread exist in most forums and I think it would be nice to keep track of mostly positive developments in Trinidadian society, economy, etc.

From time to time I will post whatever positive news that appears in Dominican (Dominican Republic not Dominica) newspapers and in the Spanish newspaper EL PAIS. However, I hope other forumers, particularly Trinidadians, would post interesting news from Trinidadian sources.
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Old May 14th, 2013, 06:25 PM   #23
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Economist doubts forecasts of growth

Published:
Tuesday, May 14, 2013

Raphael John-Lall

Chief economist at Republic Bank Limited Dr Ronald Ramkissoon doubts the T&T economy can achieve the target growth rate of 2.5 per cent predicted by Central Bank Governor Jwala Rambarran. “Growth of 2.5 per cent ought not be too difficult for this country to achieve but I have my doubts about us achieving this in 2013,” Ramkissoon told the T&T Guardian yesterday.


He said globally energy prices are rising and T&T’s energy based economy should also be experiencing a growth. “In the region and indeed globally, commodity producers are growing strongly. It is therefore a bit ironic that T&T’s economy, as a major commodity producer, cannot do the same. We must be doing something wrong, and doing so for some time,” Ramkissoon said.

Rambarran made the growth forecast last week at the release of the Central Bank’s latest Monetary Report. He said only two factors could impact on that optimistic prediction—time over runs on scheduled maintenance shut downs by energy companies BGTT and BPTT and labour unrest similar to last year’s Trinidad Cement Ltd (TCL) strike. Also expressing optimism about the economy was Planning Minister Bhoe Tewarie who said T&T is moving into “growth mode”. He said the construction and non energy sectors were showing positive growth.
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Old May 15th, 2013, 03:16 PM   #24
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How is this thread different than http://www.skyscrapercity.com/showthread.php?t=1584323 ?
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Old May 17th, 2013, 10:31 PM   #25
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Quote:
Originally Posted by vitasjm View Post
How is this thread different than http://www.skyscrapercity.com/showthread.php?t=1584323 ?
That thread seems to be much more focused on construction projects and developments that don't quite fit in any other thread and would not really merit a thread of their one due to various reasons, usually too small of a project or little information is available about them.

This thread is much more general to get a pulse of the positive economic and other types of development in Trinidadian society (political, cultural, educational, etc). Its also a place where Trinidad & Tobago's interests and relationship with her Caribbean neighbors and the rest of the world can effectively be shown.
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Old May 17th, 2013, 10:32 PM   #26
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Quote:
Originally Posted by K-Bien
Llega misión de Trinidad y Tobago

República Dominicana recibe la “Misión Comercial Trinidad y Tobago 2013”, compuesta por 11 empresas de manufactura y energía de primer orden, de seis diferentes sectores, interesadas en buscar oportunidades de negocios en el país.
(...)
http://listindiario.com/economia-y-n...nidad-y-Tobago
My translation:

The Dominican Republic received the "Commercial Mission of Trinidad & Tobago 2013", composed by 11 manufacturing and energy companies of high caliber, from six different sectors, interested in searching for business opportunities in the country.
(...)

My comment: Welcome Caribbean brothers! May you find the opportunities you are searching and in the process create much needed jobs for the people of my country. I can only see a win-win situation arising from this for both, Trinidad & Tobago and the Dominican Republic.
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Old May 26th, 2013, 08:36 PM   #27
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Guys, I moved all economy related news here. I'll leave the old thread now solely to other projects, which lack the requisites to have threads.

Thanks for the initiative K-Bien!
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Old June 3rd, 2013, 06:41 PM   #28
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China Offers 3b Loans to Caribbean

China’s President Xi Jinping has offered concessionary loans to nine Caribbean countries totaling some $3 billion, Prime Minister Kamla Persad-Bissessar said yesterday. Details of the offer were not immediately disclosed, but Persad-Bissessar told reporters the loans would be earmarked for infrastructure and development projects across the Caribbean. “We really welcomed that generosity,” she said.
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Old June 3rd, 2013, 06:54 PM   #29
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Biden gets earful on Caricom crime



Prime Minister Kamla Persad-Bissessar says that at times yesterday’s talks between United States Vice-President Joe Biden and leaders from the 15-nation Caricom group were “brutal,” but that the US remains a strong ally to the entire region......
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Old September 23rd, 2013, 08:41 AM   #30
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Growth for T&T after years of decline

Published:
Monday, September 23, 2013

After three successive years of decline from 2009 to 2011 and a small recovery last year, the T&T economy is expected to record growth of 1.6 per cent this year, according to the Review of the Economy 2013, one of the documents released along with the 2013/2014 budget. According to that publication, T&T’s recovery will gain momentum across a widening range of economic sub-sectors resulting in an overall growth rate of 2.5 per cent in the non-petroleum sector. The services sub-sector is also expected to exhibit continued strengthening. The forecast is for energy sector output to grow by 0.5 per cent—an improvement on the contractions experienced in 2011 and 2012. The performance of gross domestic product (GDP) at the sub-sector level is expected to be mixed, reflecting a turnaround in natural gas refining, exploration and production, as well as the growth momentum carried forward by service contractors. Headline inflation on a year-on-year basis for the first six months of 2013 remained moderate, settling at 6.8 per cent in June and reflecting a general downward trend in price levels, following a 30-month high of 12.6 per cent in May 2012.

Unemployment fell to 4.9 per cent in the third quarter of fiscal 2012 from 5.4 per cent in the second quarter. Most industries, with the exception of construction and petroleum and gas, registered unemployment rates below the national average. In light of subdued economic growth and relatively stable core inflation, the Central Bank maintained an accommodative monetary policy stance in an effort to boost the pace of economic activity. The Repo rate was reduced from 3.0 per cent in August 2012 to 2.75 per cent in September 2012, where it remained up to June. The basic prime lending rate of commercial banks dropped from 7.8 per cent in June 2012 to 7.5 per cent in June 2013. Interest rates on time loans also declined from 7.75 per cent in June 2012 to 7.5 per cent in May 2013 along with the weighted average deposit rate, which dipped further to 0.02 per cent in June 2013, from 0.2 per cent in June 2012.
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Old October 22nd, 2013, 07:59 AM   #31
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More container space for PoS port

By JULIEN NEAVES Saturday, October 19 2013

LACK of space for containers at the Port of Port-of-Spain has been a “nightmare” for the business community, so, a new full container terminal extension will be a “step in the right direction”, says Downtown Owners and Merchants Association president Gregory Aboud.

“We are very grateful to see some progress being made on the issue of container storage,” he said.

He said no space at the port means containers have to stay on board ships which discourages international shipping to Trinidad with preferred destinations being Brazil or Argentina.

He recalled at times vessels have bypassed Trinidad on the return trip as well due to lack of storage and gone on to Kingston, Jamaica.

“We have had tremendous delays. Sometimes four, six, eight, ten, 12 weeks waiting beyond the scheduled arrival date. And this is just a nightmare and a death sentence for people trying to run efficient businesses,” he said.

He noted it has been an issue affecting shipping lines for about five or six years and he was pleased about the new terminal extension. He was speaking with the Newsday yesterday following the opening ceremony for the terminal. He said the port and all points of entry for cargo into the country are part of the “digestive track” of the economy and if that is blocked or inefficient then the whole “body” of the economy suffers.

Aboud noted x-ray scanning of containers was “long overdue” and this would assist the “99 percent of operators doing their job the right way” to have their cargo quickly scanned and released.
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