THE Trinidad and Tobago economy declines by 1.0% in 2021 when compared with 2020.
This according to the Central Statistical Office (CSO) reporting of the Annual Gross Domestic Product for 2021.
In a release on Friday, it stated that the decline was due to contractions in both the Energy and non-Energy Industries of 2.7 percent and 0.3 percent respectively
The following industries in the Energy Sector recorded declines:
- Refining 30.7%;
- Asphalt 17.7%;
- Natural Gas Exploration and Extraction 17.5%; and
- Condensate Extraction 9.7%.
The main Energy Industries offsetting the 2.7% decline in this Sector were: Petroleum Support Services 48.5%, Petroleum and Natural Gas Distribution 20.8%, Crude Oil Exploration and Extraction 8.2% and Manufacture of Petrochemicals 7.4%.
Within the non-Energy Sector lower output levels were recorded for:
- Agriculture 16.5%;
- Electricity (excluding Gas) 2.3%;
- Trade and Repairs (excluding Natural Gas and Petroleum Distribution) 6.6%;
- Accommodation and Food Services 5.9%;
- Information and Communication 0.5%;
- Professional, Scientific and Technical Activities 2.1%;
- Administrative and Support Services 0.2%;
- Public Administration 2.7%; and
- Education 0.3%.
The performance of Trade and Repairs (excluding Natural Gas and Petroleum Distribution) was due to declines in Retail Trade of 7.9% and Sale of Vehicles of 16.8%.
The Agriculture Industry recorded declines in Crops 21.4%, Eggs and Poultry 8.0% and Livestock 11.9%.
The main non-Energy Industries offsetting the 0.3% decline in this Sector were: non-Energy Manufacturing 8.5%, Water Supply and Sewerage 4.0%, Construction 3.9%, Transport and Storage 1.0%Financial and Insurance Activities 3.0% and Other Service Activities 13.7%.
Economic output was 8.6% less than that attained during the pre-Covid-19 period of 2019.
