Energy production in Trinidad declines significantly in 2016
Energy production declined markedly in 2016, due to a combination of factors including maturation of oil and gas fields and maintenance work which reduced gas feedstock to the downstream industries, according to the Central Bank of Trinidad and Tobago (CBTT).
It said that for the period October to November 2016, oil and gas output were 7.5 per cent and 10.5 per cent lower, respectively than in the corresponding months of 2015.
“However, the prospects for 2017 appear brighter and both oil and gas output are expected to recover somewhat as new fields are put into operation and there are fewer stoppages for maintenance,” the CBTT said.
In its monetary policy announcement for January, the CBTT said inflation continues to be low and that on a year-on-year basis, headline inflation in November 2016 was 2.9 per cent with core inflation at 2.1 per cent.
Credit by the financial system to the private sector grew by 3.8 per cent in November 2016. This was slightly above the three per cent recorded in the previous month.
“Conditions in the foreign exchange market remained tight in early January 2017, with some reduction in trade demand from the end-of-year highs normally experienced in November and December,” the CBTT said.