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Minister of Finance, Hon. Colm Imbert, MP, is advising that the latest statistics for actual economic growth for 2022, published by the Central Statistical Office (CSO) on its website, as it continues to refine its data, are better than previously estimated.
In a Media Release on Friday (27th January 2023), Minister Imbert said that instead of a decline of -0.1% in Real Gross Domestic Product (GDP) in Trinidad and Tobago in the first quarter of 2022, as previously estimated by the CSO, “the CSO has now advised that our economy actually grew by 1.6% in that quarter. Further, according to the CSO, Real GDP grew by a substantial 6.6% in the second quarter of 2022. This means that for the first half of 2022, according to the CSO, Real GDP grew by a heathy 4.1%, almost twice the growth figure previously estimated for that period.” The Minister added, “What is interesting and encouraging in the latest data published by the CSO, is that it indicates that the non-energy sector experienced Real GDP growth of 4.6% in the first quarter of 2022 and Real GDP growth of 10.5% in the second quarter of 2022, yielding strong economic growth in the non-energy sector of 7.5% in the first half of 2022. This data demonstrates that our economy is recovering from the ravages of the COVID-19 Pandemic and that our diversification efforts are bearing fruit.” The Media Release concluded by saying, “The data also indicates that our nominal GDP, which is used to calculate our Debt-to-GDP ratio, is also better than previously estimated. In fact, preliminary calculations indicate that nominal GDP for Trinidad and Tobago in the first half of 2022 was $3 billion more than previously calculated.” We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
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