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Trinidad and Tobago

Capital: Port of Spain; GDP growth (annual %) 2016 : -5.1 %

Trinidad and Tobago seeks to leverage broadband in diversification efforts

A national drive is gaining pace in Trinidad and Tobago to prioritise access to data services as an engine for economic increase, part of wider plans to reduce the country’s reliance on hydrocarbons.

In late April Maxie Cuffie, the minister of public government and communications, announced that a new broadband strategy targeting universal access to internet services was almost finalised.

Speaking at a conference titled “Internet of Things: Smarter Living in the Caribbean”, held in Port of Spain, Cuffie said the potential broadband offered could be compared to that of T&T’s hydrocarbons sector. He voiced his confidence that increased reach and speed, combined with a rise in Wi-Fi-capable devices, could deliver significant ripple effects across the national economy.
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Trinidad and Tobago sharpens focus on value-added agriculture

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Mixed prospects for Trinidad and Tobago’s economy

In its monetary policy announcement issued January 27, the Central Bank of T&T said the domestic economic environment continued to be characterised by sluggishness, with retail, construction and its associated industries remaining subdued.As the outlook for the energy sector improves, there are signs that broader economic activity could pick up this year as well.

From presently on the statement as well contained some positive indications, not least forecasts that the energy sector – the biggest contributor to T&T’s economy, at around 40% of GDP – was expected to perform better in 2017. Expected increases in production and prices, it said, could see additional capital flowing into the domestic economy.
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Key Facts: Full name: Republic of Trinidad and Tobago
Population: 1.3 million (UN, 2011)
Area: 5,128 sq km (1,980 sq miles)
Major language: English
Major religions: Christianity, Hinduism, Islam
Life expectancy: 67 years (men), 74 years (women) (UN)
Monetary unit: 1 Trinidad and Tobago dollar = 100 cents
Main exports: Petroleum and petroleum products, natural gas, chemicals
GNI per capita: US $15,040 (World Bank, 2011)
Internet domain: .tt
International dialling code: +1868

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Trinidad and Tobago Year in Review 2016
2017/04/19
Lower returns from the energy sector due to weaker prices and a drop in production weighed down Trinidad and Tobago’s economy in 2016, though stronger prospects for the industry in the new year should fuel a rebound in 2017.

Budget to bite back

The T&T economy remained in recession for the second year in a row, with the Central Statistical Office (CSO) estimating that GDP would fall by 2.3% in 2016, following a contraction of 0.6% the previous year.

With hydrocarbons accounting for 39% of national fiscal gain and 83% of export values over the 15 years through to 2015, according to the Central Bank of T&T (CBTT), much of the recessionary pressure has come from low world energy prices.

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