economy

Tobago forecasts 236% increase in tourist arrivals this season

The 2017-2018 cruise season is setting up to be the most successful in terms of passenger arrivals in Tobago’s history, Tobago tourism officials have said.

By the time the season closes next month, Tobago is projected to have received close to 80,000 cruise passengers.

It’s an increase of over 236 percent from the 2016-2017 season, when 23,821 cruise passengers visited the island.

Secretary of Tourism, Culture and Transportation Nadine Stewart-Phillips said this is “great news” for the island, which is working to stimulate growth in the tourism industry.

IMF forecasts small growth for T&T, big decline for Venezuela with inflation near 13,000%

The International Monetary Fund (IMF) is forecasting a 0.2 percent growth in Trinidad and Tobago's economy this year.

The figure was listed in the IMF's World Economic Outlook for 2018, released today.

It also forecasts the same growth rate of 0.2 percent for the year 2019 but has a five-year forecast of 1.9% growth in 2023.

According to the IMF figures, Trinidad and Tobago was among three of 32 countries in Latin America and the Caribbean, that registered a decline in its economy last year.

The IMF figures show that real GDP fell 2.6% in 2017.

Report: T&T losing estimated $200 million per year in oil tax revenue

An international report is claiming that Trinidad and Tobago loses an estimated $200 million dollars a year in tax revenues from international oil companies.

The report which was conducted by the anti-corruption agency 'Publish What You Pay', claims that giants like Exxon Mobil, Chevron and Tullow Oil establish subsidiaries in Caribbean territories to exploit loopholes in the tax systems.

The agency claims the main purpose of these subsidiaries being planted in Caribbean countries is to secure “treaty benefits” that would otherwise be unavailable to them.

NGC profit up 37% to $989 million

The NGC Group has recorded profit after tax of $989 million for 2017, a 37.3% or $269 million increase above the 2016 reported profit after tax of $721 million.

Revenue increased by $2.977 billion from $10.903 billion in 2016 to $13.881 billion, driven by higher ammonia and methanol prices of 2% and 61% respectively.

A statement by the NGC says that the board and management’s agenda to re-engineer the business for sustainable growth, improved profitability and continuous industry-wide development has been successful.

Inflation below 1% in February

The Central Bank's Monetary Policy Report has shown that inflation has slowed considerably.

Headline inflation was 0.9 percent in February, while core inflation measured 0.5 percent.

The following is the Central Bank's report issued today:

"Since the last meeting of the Monetary Policy Committee (MPC) in November 2017, global growth prospects have continued to strengthen.

Caribbean Airlines owes Airports Authority $210 million in rent

The national airline, Caribbean Airlines (CAL) owes a staggering $210 million in rent to the Airports Authority of T&T (AATT), according to the Auditor General’s Department.

CAL has promised to come up with some kind of settlement plan to pay off the outstanding arrears.

This was revealed yesterday in a Public Accounts Committee meeting chaired by Bhoe Tewarie at the Parliament Building, Port-of-Spain.

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