Economic activity in Trinidad and Tobago was flat, following three consecutive years of contraction. The lethargic performance was due to reduced activity in energy, manufacturing, and construction. Inflation remained low and stable. Labour market conditions continued to deteriorate.
Public debt rose, private credit slowed despite excess liquidity, and monetary conditions remained tight. The fiscal deficit narrowed due to one-off revenue gains from the 2019 tax amnesty. Net public sector debt at the end of the fiscal year grew further. Private sector credit contracted, reflecting lower aggregate demand. The Central Bank of Trinidad and Tobago maintained the repo rate at 5.0% through 2019. The external position weakened and gross international reserves declined further.
