Government of the Republic of Trinidad and Tobago

Review of the Economy 2023

According to the Ministry of Finance’s estimates, the Trinidad and Tobago economy is expected to register Real GDP growth of 2.7 percent in 2023, following more moderate growth of 1.5 percent in 2022. The expected outturn for 2023 is premised on an expansion in the Non-Energy Sector, partially counteracted by a marginal decline in the Energy Sector. Based on actual data from the Central Statistical Office (CSO) for the first quarter of 2023, real economic activity expanded by 3.0 percent, buttressed by marginal growth of 0.3 percent in the Energy Sector and a sharper 4.2 percent expansion in the Non-Energy Sector.

Building upon the economic expansions recorded in the Non-Energy sector during calendar 2022, year-on-year improvements were registered by twelve (12) Non-Energy industries, during the first three months of calendar 2023.
Most notable was Trade and Repairs, which retained its position as the largest contributor to GDP, and grew robustly by 10.9 percent during this period. The Non-Energy Manufacturing sector also registered a strong performance driven by expansions in real economic activity within the Food, Beverages and Tobacco Products (7.6 percent); and Textiles, Clothing, Leather, Wood, Paper and Printing (31.5 percent) sub-industries. Significant growth was also reported by the Accommodation and Food Services (17.5 percent), and Transport and Storage (16.7 percent) sectors.