Trinidad and Tobago: 2004 Article IV Consultation—Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Trinidad and Tobago

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 004

Publication date: January 2005

ISBN: 9781451837629

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Topics covered in this book

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Banks and Banking , Labor , Economics- Macroeconomics , Public Finance , Industries - Energy , ISCR , CR , surplus , budget proposal , oil price assumption , budget surplus , Trinidad and Tobago economy , Adj , budget , Public sector , International reserves , Capital spending , Global , Caribbean

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Summary

This 2004 Article IV Consultation highlights that Trinidad and Tobago’s economy, which is endowed with large energy reserves, is experiencing a strong energy sector-based expansion owing to increased output and high international prices. The energy sector already accounts for about 40 percent of GDP, 83 percent of domestic goods exports, and slightly more than 40 percent of government revenue. The balance of payments recorded an increased surplus in 2003, despite large capital outflows, reflecting the strong performance of the energy sector.